El Salvador mines bitcoin with volcanic energy
According to CNBC, El Salvador, the first country in the world to officially recognize bitcoin, has mined 0.00599179 BTC with volcanic energy.
CNBC stressed that El Salvador had mined 0.00599179 bitcoin, or about $269, with power harnessed from a volcano. This operation was carried out at an energy factory, bordering a volcano. President Nayib Bukele even posted a flashy teaser video, which includes shots of a shipping container full of bitcoin mining rigs and other machinery.
Bukele indicated that the project was still a work in progress and that they were still “testing and installing” new mining equipment.
In June 2021, the President of El Salvador said that he had instructed state-owned geothermal electric company, LaGeo SA de CV to “put up a plan to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.” According to official data, El Salvador derives about 25% of its energy from geothermal sources.
Cryptocurrency mining used to be seen as a harmful industry, destroying the environment. It should be noted that the process of creating new bitcoins is an energy-consuming activity, but harnessing the power from volcanoes could make a dramatic difference. ″A fully renewable, untapped energy resource has been put to work strictly because of bitcoin,” mining engineer Brandon Arvanaghi said. “Bitcoin is the greatest accelerant to renewable energy development in history.”
Earlier, Isaiah Douglas, an analyst at CoinDesk, stated that bitcoin mining did not cause huge damage to the environment. According to him, renewable energy sources are used in the production of digital assets. At the same time, most participants in the crypto market are seeking to reduce their carbon footprint.