El Salvador will extract bitcoin with energy from volcanoes

The Crypto Daily - Movers and Shakers - April 2, 2021

“Our engineers have just informed me that they have dug a new well that will provide approximately 95 MW of 100% clean geothermal energy with zero volcanic emissions. We are starting to design a full-fledged bitcoin mining center around it, ”says Bukele. 62 of the 84 members of El Salvador’s congress passed a new bitcoin law this month that makes cryptocurrency legal tender. Authorities have taken such a step to correct the “gray economy” prevailing in the country, where 70 percent of the population has no bank accounts.

El Salvador, a small country in Central America, recently became the first sovereign country in the world to make bitcoin legal tender. Now 39-year-old President Nayib Bukele has invented an unusual way to dig up cryptocurrency – from the energy of the volcano. Bukele believes the volcano can provide “very cheap, 100% clean, 100% zero-emission renewable energy” for bitcoin mining. In his official Twitter account, he announced that he had instructed the president of the state-owned geothermal electricity company LaGeoSV to develop a plan to extract bitcoins using volcanoes. In addition, the legalization of cryptocurrency as a means of payment should make it easier for Salvadorans living abroad to send money home.

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