El Salvador mines Bitcoin with volcanic energy

El Salvador mines Bitcoin with volcanic energy

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El Salvador President Nayib Bukele said the country could mine clean Bitcoin using geothermal energy from volcanoes.

In a recent tweet, El Salvador President Nayib Bukele wrote: โ€œI have just instructed the president of @LaGeoSV (state-owned geothermal power company), to plan to provide Bitcoin mining facilities with cheap, 100% clean, 100% renewable energy, zero emissions from volcanoesโ€.

In another tweet, the country’s head of state, El Salvador, revealed that the country’s engineers had dug a well, which will provide about 95 MW of 100% clean and zero-emissions geothermal energy from the volcano.

El Salvador’s move to green energy Bitcoin mining comes amid criticism of cryptocurrency mining for its environmental impact.

El Salvador recently became the first country in the world to officially recognize Bitcoin as legal tender. Besides Bitcoin, the country will still use USD as its official currency.

70% of El Salvadorans do not have a bank account or credit card. Remittances account for more than 20% of El Salvador’s gross domestic product. Current financial services may charge 10% or more for international deposits.

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