About a month has passed El Salvador announced Bitcoin as the legal tender, With Suspicion of the Salvadorans With regard to action. President Naib Bukhale did not stand there, but used the currency to try to stabilize the country Getting more bitcoins Or ways to mine them. Using volcanic activity in the region, Announced That They will use their energy to mine bitcoinS finished saying.
According to The president himself announced on Twitter These days, they are finally taking bitcoins using geothermal energy. This time 0.00483976 Bitcoins received through this processThis equates to about 200 euros worth of change. Of course, it says they are still “testing and installing” the system.
El Salvador, Volcanoes and Bitcoin
That said you have to put things in context. There really is no mystery behind this. The idea to change part of it High energy consumption of bitcoin mining. As a result, environmentally friendly or inexpensive alternatives are being sought. In the United States, As we have seen recently, They are allies with nuclear power plants. They are in El Salvador Using a resource they always had: geothermal energy.
The country has been producing for many years, A quarter of your electricity With geothermal energy. The Facilities to obtain this electricity have already been established for a long timeWhat the Salvadoran government has now done is establish a bitcoin mining center next to these facilities and provide energy from volcanic activity.
The first steps …
– நயீப் புகலே 🇸🇻 (@nayibbukele) September 28, 2021
This is how Naib Bukhale meets Your request State power company LaGeo “offers Bitcoin mining facilities with the cheapest energy, 100% clean, 100% renewable and 0 emissions from our volcanoes.” Although not the first time in the world, the first time in the country. Convenient Scandinavian Northern European countries or Iceland has been practicing this for many years.
With its advantages and disadvantages, the government of Salvador Management to impose Bitcoin as a national currency. A measurement Did not convince citizens Due to ignorance about cryptocurrency and its volatility. To the cryptocurrency market in general It didn’t sit well with him. A measure not seen with good eyes by economists, as well International Monetary Center, hopes It “raises a number of economic, financial and legal issues that require very careful analysis.”