The President Of El Salvador Has Revealed A Huge Volcanic Energy Bitcoin Mining Operation

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The President Of El Salvador Has Revealed A Huge Volcanic Energy Bitcoin Mining Operation

The president of El Salvador has tweeted a video of what is believed to be a geothermal Bitcoin farming operation. The video shows a power generation facility, with scientists using crypto mining rigs.


The tweet contained no other information other than the words, 'first steps'.



The presidential office did not respond to any enquiries from journalists.


The president, Nayib Bukele, has already spoken of his plans to build a Bitcoin mining facility. He previously tweeted an image with the words:


"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!"



El Salvador recently became one of the first nations in the world to make Bitcoin a legal and official currency. The Central American nation hopes it will cut transaction costs for El Salvadorians sending money from abroad, and that the nation could become rich if the price of Bitcoin rapidly increases. So far, the country has bought around $50 million worth of Bitcoin, but their supply could greatly increase by 'mining' it themselves.


Bitcoin is created by computers carrying out vastly complex mathematical puzzles. The number of new Bitcoins available also reduces over time. This has led to companies building huge computer factories, mostly in China and Iceland, in order to mine Bitcoin and to make money by selling them on. Iceland is often used as a location for Bitcoin mining due to the cold climate that keeps the computers cool without incurring a massive air-conditioning bill. El Salvador will hope that by using volcanic energy that their computers can start making huge profits for the nation.


Many have criticised both Bitcoin mining and the exchange of Bitcoin for its environmental impact. Bitcoin is now using more energy than nations such as Portugal, meaning that the Bitcoin carbon footprint is huge. Bitcoin also has difficulties facilitating day-to-day transactions, which means that many regard it more as an asset than a viable currency alternative.


[h/t: COINTELEGRAPH]



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Thinking Humanity: The President Of El Salvador Has Revealed A Huge Volcanic Energy Bitcoin Mining Operation
The President Of El Salvador Has Revealed A Huge Volcanic Energy Bitcoin Mining Operation
The president of El Salvador has tweeted a video of what is believed to be a geothermal Bitcoin farming operation. The video shows a power generation
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