Although the testing and installation process is still ongoing, the President of El Salvador, Nayib Bukele, announced that the country has started mining bitcoin with a volcano.
El Salvador starts Bitcoin mining with Vulkan
On his personal Twitter page, the President of El Salvador announced the first volcanic BTC:
“We are still testing and installing, but this is officially the first Bitcoin mining from the volcano.” Nayib Bukele tweeted.
The idea of using the country’s active volcano to mine BTC is not new. After Bukele announced legal cryptocurrency legal tender with the country’s passage of Bitcoin law in June, he continued plans for El Salvador to use geothermal energy from volcanoes to mine BTC, and said a state-owned company would allow mining facilities affordable and green energy.
Then, just a few days ago, Bukele shared a short video showing mining equipment going online at a geothermal power plant that uses volcanic energy.
Bukele also reported rising numbers regarding the Chivo BTC wallet and, according to his October 1st tweet, “2.73 million people have used Chivo wallet”. For comparison, on September 20, he announced that the app had 1.1 million users, or 17% of the country’s population, down from $ 2.25 million a week later. He added that 180 new users are now being added every minute (users who don’t download). $ 1 million in transfers come in every day. ”
In addition, the government continues to promote its Chivo Bitcoin wallet and just announced yesterday that citizens and businesses using the app will be able to buy fuel at a discount in times of rising world prices.
Bitcoin volcanic mining is El Salvador’s important mission to be a clean BTC mining hub
Clean Bitcoin Mining is one of President Bukele’s other key missions, which he announced in June around the same time the country’s National Assembly passed BTC as legal tender. However, the controversy and hype surrounding BTC has overshadowed their plans to develop volcanic mining. Now that the infrastructure has finally been built, the financially troubled country can find a new source of income for the state.
El Salvador made history in the first week of September when Bitcoin was officially used as legal tender. Chivo’s national bitcoin wallet had over 2.7 million downloads within a month of its launch. Bitcoin transfers within the state have also hit $ 1 million a day, showing that despite media backlash and domestic protests, BTC is gaining wide acceptance among citizens.
The additional Chinese crypto ban coupled with the growing demand for clean Bitcoin mining could turn El Salvador into a hub for BTC miners. As Kazakhstan wants to impose a temporary ban due to a lack of electricity, El Salvador could take the opportunity to attract new miners to the country. Mined BTC can then be used for state welfare. The mining industry can pave the way not only to revenue but also to jobs in the region, which is mutually beneficial.
Not only has El Salvador made bitcoin legal tender in the country alongside the US dollar, but it has also started buying bitcoin at a discount and currently holds over 400 BTC in its coffers. The president pointed out that they plan to buy more BTC during the bear market.
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