Boy, that was fast! El Salvador has already begun exploring Bitcoin mining using energy from its volcanoes. This is, according to President Nayib Bukele, 100% clean, 100% renewable, with 0 emissions.
The man, of course, is coming from a massive win where he passed a bill that made the Central American country the first in the world to accept Bitcoin as legal tender. The bill passed with a supermajority, driving BTC price up.
He announced this move on Twitter, revealing:
I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋
This is going to evolve fast! 🇸🇻 pic.twitter.com/1316DV4YwT
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
He soon followed it up with another tweet saying that his engineers had informed him that they had dug a new well that will provide approximately 95MW of geothermal energy from El Salvadorian volcanoes in the form of pure water vapor.
They have started to design a full Bitcoin mining hub around it.
Nayib first revealed his Bitcoin mining plans on Wednesday morning on a Twitter Spaces room hosted by Nic Carter that had more than 20,000 people tune in to listen to the discussions.
When asked whether he had any ideas for Bitcoin mining, the president mentioned that the country had plans to expand infrastructure and stimulate development around its source of geothermal energy.
He suggested the promotion of industrial parks where miners can set up factory to receive cheap, clean and renewable energy. Bitcoin miners, he said, might find these parks ideal given the close proximity to this clean and cheap energy.
These developments have been welcomed by the crypto community, with many an influencer seeing this as a bullish move.
Among the flood of comments, we have Twitter CEO Jack Dorsey, MicroStrategy CEO Michael Saylor who tagged Tesla CEO Elon Musk. Morgan Creek Digital partner Anthony was also pleased with the news, commending the speed at which this moved from idea to execution.
Speed truly kills.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Crypteligence.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.