{"id":272306,"date":"2021-06-11T20:38:39","date_gmt":"2021-06-11T17:38:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/el-salvador-volcanoes-to-power-bitcoin-mining\/"},"modified":"2021-06-11T20:38:39","modified_gmt":"2021-06-11T17:38:39","slug":"el-salvador-volcanoes-to-power-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/el-salvador-volcanoes-to-power-bitcoin-mining\/","title":{"rendered":"#El Salvador volcanoes to power bitcoin mining"},"content":{"rendered":"

“#El Salvador volcanoes to power bitcoin mining<\/strong>”
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Bitcoin is red-hot in El Salvador \u2014 and the country says it plans to use power from its volcanoes to mine it.<\/p>\n

El Salvador President Nayib Bukele \u2014 just hours after the country\u2019s legislature app<\/a>roved the \u201cBitcoin Law,\u201d making it the first to accept Bitcoin as legal tender \u2014 revealed Wednesday that the nation\u2019s state-owned geothermal electric company will harness volcanic energy to mine the cryptocurrency. <\/p>\n

Bukele said the country is already designing a mining hub that will use \u201cvery cheap, 100% clean, 100% renewable\u201d energy from volcanoes to power the operation, which effectively would be a bank of super-powered computers that solve the complex mathematical equations required to mine Bitcoin.<\/p>\n

\u201cOur engineers just informed me that they dug a new well,\u201d Bukele tweeted, saying it would generate 95 megawatts of energy \u2014 enough to power more than 500 homes for a year. \u201cWhat you see coming out of the well is pure water vapor.\u201d<\/p>\n

He has yet, however, to reveal when the new operation will be live or how many Bitcoins he expects to be able to mine. <\/p>\n

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Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos \ud83c\udf0b<\/p>\n

Starting to design a full #Bitcoin<\/a> mining hub around it.<\/p>\n

What you see coming out of the well is pure water vapor \ud83c\uddf8\ud83c\uddfb pic.twitter.com\/SVph4BEW1L<\/a><\/p>\n

\u2014 Nayib Bukele \ud83c\uddf8\ud83c\uddfb (@nayibbukele) June 9, 2021<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n

It\u2019s been a bullish week for Bitcoin in El Salvador. The digital coin can now be used as payment for goods, services, and taxes in the public and private sector. Bitcoin rose 6 percent on the news<\/a>, according to data from Coindesk.<\/p>\n

According to a study by Cambridge University<\/a>, Bitcoin mining consumes more energy per year than the Philippines. Elon Musk has met with Bitcoin miners about environmental concerns, recently citing them as he announced Tesla would no longer accept Bitcoin as payment.<\/p>\n

Details about the mining efforts and how El Salvador will widely adopt Bitcoin remain vague. The law states it will provide \u201cthe necessary training and mechanisms\u201d to allow the 70 percent of its citizens that don\u2019t have access to traditional banking services to understand how they can use Bitcoin but didn\u2019t elaborate. <\/p>\n

Still, Bukele remains an enthusiastic advocate for the currency and his mining project. Late Thursday he tweeted <\/a>drone footage of the new mine with a rainbow in the background.\n <\/div>\n