El Salvador has taken the first steps to mine BTC with the power of the volcano, as the tweet from the country’s president explains. So read more on our latest bitcoin news today.
The President of El Salvador said in June that the country had started the project and said in a Twitter video that the country had started a project to use geothermal energy from volcanoes to mine bitcoin. President Nayib Bukele posted a video titled “Getting Started” accompanied by a volcano emoji. The clip, which had 1.8 million views, shows a data center in the jungle and then zooms in on a worker in the center wiring a BTC mining machine. BTC mining is the process of using the most powerful computers to verify transactions on the blockchain.
– Nayib Bukele (@nayibbukele) September 28, 2021
BTC mining has come under scrutiny because of the amount of energy it consumes. More and more mining companies are looking for clear energy to produce assets. Bukele says El Salvador’s state-owned electricity company LaGeo will use cheap 100% renewable and clean energy from the volcano to mine Bitcoin. El Salvador was the first in the world to make BTC legal tender in the country. The idea is that of the country’s millennial president who came to power in 2019. Bukele was popular in the country, but its Bitcoin law has been criticized by the World Bank and by the people of the country.
People flocked to the idea of taking to the streets to protest the president, the biggest protest since Bukele came to power. Bitcoin law states that companies must accept BTC payments if they have the right technology. Citizens are not required to use it but are encouraged by the government as there is a state wallet called Chivo and anyone who downloads it will receive a reward of 30 BTC. Salvadorans even share pictures on Twitter with their wallets.
El Salvador has taken the first steps towards volcanic BTC mining and now we will see what will change for the people of the country who do not like the idea. Bukele also claims that more citizens use wallets than any other bank in the country.
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