President Nayib Bukele plans to use geothermal electricity to mine Bitcoin
President of El Salvador Nayib Bukele has tweeted that his country will be looking at mining Bitcoin through the use of volcanoes.
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! 🇸🇻 pic.twitter.com/1316DV4YwT
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
Following the digital asset becoming legal tender in the country, 39-year-old president has wasted no time in reaching out to the state-owned geothermal electric company LaGeo, he added:
“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. Starting to design a full Bitcoin mining hub around it”.
The move to offer sustainable bitcoin mining solutions by El Salvador comes after China has taken measures to crack down on bitcoin mining within the country.
On Wednesday, June 9, El Salvador’s legislative assembly made history by formally adopting bitcoin as legal tender, with nearly three-fourths of the legislature voting in favor. If the new law works as intended, it has the potential to transform El Salvador into one of the world’s most important financial centers, and to affect the way people around the globe use cryptocurrencies.
- El Salvador Has Voted And Officially Passed The Bill That Makes Bitcoin Legal Tender, Receiving 60 Out 84 Votes
- El Salvador Is Set To Become The First Nation To Accept Bitcoin As Legal Tender