Main navigation

Bitcoin May Actually Be Mined with Volcano Energy in El Salvador

News
Wed, 06/09/2021 - 18:05
article image
Alex Dovbnya
El Salvador President Nayib Bukele has ordered a state company to come up with a plan to mine Bitcoin with volcano energy
Bitcoin May Actually Be Mined with Volcano Energy in El Salvador
Cover image via stock.adobe.com
Read U.TODAY on
Google News

El Salvador President Nayib Bukele has taken to Twitter to announced that LaGeo, a state-owned geothermal electricity company, has been instructed to come up with a plan to mine Bitcoin with volcano energy. 

The idea was suggested to Bukele earlier today during a live audio conversation on Twitter's “Spaces.”     

There are about 20 potentially active volcanoes in the country. The Chaparrastique volcano has had over 25 eruptions over the past 500 years.  

El Salvador's geothermal energy is fully clean and renewable.

El Salvador
Image by @nayibbukele

Related
China's Qinghai Province Bans Bitcoin Mining

Earlier today, the tropical nation made history by voting to make Bitcoin legal tender. As reported by U.Today, El Salvador now also offers permanent residency to anyone who spends 3 BTC on any product or service within the country. 

On top of that, El Salvador will hold roughly $150 million worth of Bitcoin in its trust fund.    

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.