El Salvador mined its first bitcoin using volcanic energy when President Nayib Bukele confirmed the country was using its newly built volcanic facility to generate its first bitcoin, as we read more on the news.
Nayib Bukele, President of El Salvador, brought it up on Twitter with some mining numbers, and it looks like the country’s burgeoning volcanic mining base has produced its first BTC. The profits generated by the volcano are still small, but the president still seems enthusiastic about starting the project and showing some numbers along with a heart emoji. The facility has not received any BTC payments and the data shows that 0.004 BTC is waiting to be paid and about 0.006 BTC is being mined and the base is ready to hit one percent of BTC, or about $ 470 at today’s price. Bukele says:
“We’re still testing and installing, but this is officially #volcanode’s first #bitcoin mining.”
The president shared a video of the volcano a few days ago, which even includes an aerial view of the mining facility. Footage showing electricity generated by volcanoes with a man arranging a series of ASICS and revealing what he calls “Getting Started” has received positive feedback on Twitter. Bukele received numerous congratulations on this important milestone, including some from the infamous BTC HODLer Michael Saylor. This new facility adds to El Salvador’s apparent efforts to give HODL as much BTC as possible, and less than two weeks ago the country bought another 150 BTC and brought its total holdings to 700 BTC legalizing BTC as a payment method in just a few days.
It is also an environmentally friendly mining method that harnesses unused energy in the volcano without consuming any carbon. Most criticize Bitcoin’s proof-of-work system for being too polluting due to the energy it uses, but the damage from the largest cryptocurrency tends to be exaggerated as half of the hash power comes from sustainable sources. Elon Musk even commented after he stopped accepting Bitcoin payments for climate reasons in May, admitting the network has become much more sustainable.
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