Connect with us

Tech & Gadgets

El Salvador Mined Its First Bitcoin Using Volcanic Energy, Tweets President Nayib Bukele

Published

on


El Salvador President Nayib Bukele has tweeted that his country has mined bitcoin, the world’s largest cryptocurrency, using energy from a volcano. He shared a picture of the ongoing mining, showing 0.00599179 bitcoins, which are worth around $284 (approximately Rs 21,098) at the current trading rate. Last month, El Salvador became the first country in the world to grant legal tender status to bitcoin with the US dollar. The nationwide rollout, via its Chivo crypto wallet, initially hit a bumpy road, but technical issues have stabilized and the Central American country is moving forward with its crypto experiment.

About 25 percent of domestic energy production in El Salvador comes from geothermal energy. President Bukele tweeted on October 1 about El Salvador’s first attempt to harness the energy of volcanoes to power bitcoin mining.

Hinting that the mining project is still a work in progress, the president tweeted, “We are still testing and setting up, but this is officially the first bitcoin mining from Volcano.”

However, this is not the first time that energy from volcanoes has been used for bitcoin mining. In the past, Iceland and Norway have used geothermal and hydroelectric energy to mine cryptocurrencies. These countries take advantage of cheap energy sources to power their mining machines. The lower temperatures in these countries also come as an advantage as they naturally cool the computer servers.

In June, President Bukele called on state-owned geothermal electric company Lazio to make efforts to reduce the cost of electricity involved in bitcoin mining.

El Salvador is known for its volcanoes. Geothermal energy accounts for about a quarter of domestic energy production. The country’s latest move is a welcome move towards using renewable energy to mine cryptocurrencies. It will also address some of the concerns regarding the carbon footprint of the cryptocurrency mining process.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

.

Copyright Indian Lekhak Limited 2021. All Rights Reserved