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El Salvador Accepts Bitcoin as Legal Tender and Plans Geothermal Energy to Mine Cryptocurrency
June 18, 2021
Bitcoin is Legal Tender in El Salavador
El Salvador's president announced Wednesday that the country's state-run geothermal utility will use electricity from volcanoes to mine bitcoin. As the Legislative Assembly in El Salvador voted in the legislation accepting Bitcoin as legal tender, President Nayib Bukele announced that the country will use the power of geothermal energy to mine the coins.
El Salvador recently became the first country to introduce bitcoin as the legal tender, and now President Nayib Bukele wants to go one step further by creating a 100% renewable cryptocurrency mining facility using a volcano. El Salvador's Legislative Assembly plans to design a complete Bitcoin mining center around the new well, he added. This is not the first time we have seen proposals to develop geothermal energy for crypto-mining purposes.
El Salvador became the first country in the world to introduce bitcoin as legal tender. This week, the small Central American republic of El Salvador will go down in history as the first country to accept Bitcoin as a legal exchange.
Will bitcoin Help the El Salvador Economy ?
Hours after becoming the first nation to allow bitcoin as legal tender, El Salvador's President Nayib Bukele instructed the state-owned electricity and geothermal company to use geothermal energy from the country's volcanoes to mine bitcoins. In a tweet which was published hours after the introduction of the digital currency by the small Central American republics (El Salvador), the president told the world that he had directed the chief executive of his geothermal and electricity company to build a plant to operate bitcoin mining on the top of a volcano.
In a tweet on Thursday, Bukele said the country would dig new wells to supply 95 MW of 100 percent clean, zero-emission geothermal energy from the volcanoes. In a tweet, President Nayib Bokele of El Salvador said the country's engineers are "digging new wells" to "provide 95 MW [100 percent] of clean and emission-free geothermal energy from El Salvador's volcanoes".
El Salvador's switch to green energy bitcoin comes amid criticism of the cryptocurrencies' environmental impact. According to Cambridge Bitcoin Electricity Consumption Index, Bitcoin consumes more energy than countries such as Sweden and Malaysia. Bukele's innovative idea of Bitcoin mining on renewable natural energy comes from nowhere.
How is El Salvador Going to Mine Bitcoin with there Volcanos
Bukele told the country's geothermal and electricity company Lageo to submit a plan for a Bitcoin mining facility using "basic, 100%, 100% clean, 100% renewable, 0% emission teh energy from our volcanoes", his Twitter post said. I have instructed the president of Lageos, our state-owned geothermal and electric company to conceive a plan to provide a facility to extract bitcoin with cheap, 100% clean, 100% renewable and 0% emission-free electricity from the volcanoes. Lageso engineers dug a new well on Thursday to supply 95 megawatts of clean geothermal energy.
Bitcoin is highly sought after in El Salvador, and the nation says that it plans to use the power of its volcanoes to mine the digital currency. According to President Nayib Bukele, El Salvador has started exploring bitcoin mining which harnesses the energy of its volcanoes. Bukele's announcement, just hours after El Salvador's legislature passed a Bitcoin law making the country the first country to accept Bitcoin as legal tender, was unveiled on Wednesday by the country's state-owned Geothermal Energy Corporation, which uses volcanic energy to extract Bitcoin.
El Salvador's president Nayib Bukele said that he plans to use volcanic energy to extract Bitcoin. The president said in a subsequent tweet that on Wednesday the country's engineers dug a new well that can supply 95 MW 100% clean geothermal energy from its volcanoes. He also reiterated the country's plans to turn the well into a full Bitcoin mining centre.
President Bukeless' tweet flooded thousands of comments at the time of writing with tens of thousands of likes and retweets. But there is more skepticism or at least uncertainty about the decision. The announcement follows growing concerns about the global impact of Bitcoin mining activities.
Nayib Bukele, El Salvador s laser-eyed President, is fueling the bitcoin debate in his country. The President said less than 14 hours after securing approval for a bill that would make bitcoins legal tender in El Salvador, he said that he would order the country's geothermal energy company Lageo to allow power-hungry bitcoin miners to plug into the volcanic resources of El Salvador. President Nayib Bokele speaks in a news conference in San Salvador, El Salvador, June 6, 2021.
After El Salvador's Congress adopted President Nayib Bukele's proposal to introduce the digital currency, El Salvador will become the first country in the world to introduce bitcoin as legal tender. Bukele expects the introduction of Bitcoin will drive growth in the economy.
Bitcoin miners exist all over the world and the overall energy consumption is massive. Enormous amounts of electricity are required to power the machines to solve complex mathematical problems and to cool them down when they overheat due to massive competition in bitcoin mining. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin Mining annually consumes 10.5 terawatt hours of electricity - which is higher than in some small countries.
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