Main navigation

This is What El Salvador's Volcano-Powered Bitcoin Mining Facility Is Going to Look Like

News
Wed, 06/23/2021 - 04:02
article image
Alex Dovbnya
El Salvador President Nayib Bukele has offered a sneak peek of what volcano-powered Bitcoin mining is going to look like
This is What El Salvador's Volcano-Powered Bitcoin Mining Facility Is Going to Look Like
Cover image via stock.adobe.com
Read U.TODAY on
Google News

El Salvador President Nayib Bukele has taken to Twitter to share some mock-ups of the country’s volcano-powered Bitcoin mining project that is being built right now.

El Salvador
Image by @nayibbukele

The millennial leader wrote that “clean hashrate” was “coming soon” to El Salvador.

Related
Bitcoin Collapses Below $30,000 for the First Time Since January

As reported by U.Today, Bukele instructed a state-owned electricity company to start working on the project within the same day the idea was casually suggested to him during a live audio conversation on Twitter.   

El Salvador has 23 active volcanoes. Heat energy within the sub-surface of the earth can create powerful steam that is capable of generating electricity.     
 
Despite being the smallest country in Central America, El Salvador is among the world’s biggest geothermal energy producers. In fact, geothermal power accounts for a quarter of the country’s total electricity production.   

The tropical nation might become an attractive destination for Chinese miners who have been kneecapped by the governments. China’s multiple provinces, including hydropower-heavy Sichuan, have recently moved to clamp down on the mining industry, causing a massive drop in Bitcoin’s hash rate.

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.