In other words, it is using geothermal energy as a great eco-friendly alternative to power Bitcoin mining. So I’d be astonished if it will look anything like a tech company campus. El Salvador “cheap and clean” volcano energy for Bitcoin mining. El Salvador became the first country in the world to adopt bitcoin as legal tender after its Congress approved Bukele's proposal to embrace the cryptocurrency. Salvador became the first country to make Bitcoin a legal tender earlier this month. •. The challenge: Bitcoin is a cryptocurrency, a digital form of money and a payment system. Posted by. Chris Davies - Jun 11, 2021, 9:02am CDT. A sign at a store in El Zonte, El Salvador, advertises that it accepts bitcoins for payment. u/Nachho. The story so far… Earlier this week, Bukele presented a simple three-page bill to El Salvador’s 6 likes • 11 shares. El Salvador is home to 23 active volcanoes. News outlets around the world are going a bit wild on recent stories that El Salvador wants to “power crypto-mining with 100% cheap, renewable ‘Volcano’ energy”. By Edgardo Ayala (IPS Noticias) HAVANA TIMES – That a country like El Salvador, poor and with many social needs, would embark on an effort to attract so-called bitcoin mining, which demands a huge amount of energy and does not generate large numbers of jobs, is an extravagance that many find hard to digest. The tropical nation can also become an attraction for Chinese mining firms who have been hunted down by the communist governments causing a massive drop in Bitcoin’s hash rate. It is no doubt that El Salvador is pushing the envelope to incorporate bitcoin and pursue legal bitcoin mining, but the idea of geothermal energy and volcanic mining is likely not going to be replicated on a large scale. El Salvador continues to amaze the world with its impressive plans around Bitcoin. Posted On 06/15/2021. Crypto exchange Bybit has announced it is hiring a volcanologist to study how volcanic energy can be used to mine Bitcoin. It’s official! In the vicinity of these volcanoes, there is a lot of underground heat, which the state-owned power company uses to generate electricity. El Salvador’s president pushes for volcano-powered Bitcoin Mining. The country is aiming to build geothermal mining stations as bitcoin becomes the legal tender of cryptocurrencies. By Edgardo Ayala (IPS Noticias). The energy required for Bitcoin mining can also be provided by volcanic energy. The process is reportedly already in motion to design a Bitcoin mining hub around the site. LaGeo will harness this power in order to develop brand new, environmentally friendly Bitcoin mining facilities. Share. There are twenty potentially active volcanoes in El Salvador to leverage this power. Bukule told his followers that he had instructed the president of the LaGeo Company to come with a sustainable energy solution for Bitcoin mining. Volcanoes have long been painted as a method of natural destruction. By taking this step, Salvador has opened its arms to tourists, miners, investors, and software developers. However, Bitcoin evangelist Max Keiser has a suggestion to get rid of the IMF loans by floating Bitcoin ‘Volcano Bonds’ backed by future Bitcoin mining revenues. Bitcoin mining facility Use Renewable energy From the country Volcano.. El salvador Became the first adopted country in the world Bitcoin As the subsequent legal tender Meeting Approved Bukele’s proposal to accept Cryptocurrency.. “This is a fast evolution!” Bukele said on Twitter. However, Bitcoin evangelist Max Keiser has a suggestion to get rid of the IMF loans by floating Bitcoin ‘Volcano Bonds’ backed by future Bitcoin mining revenues. Videos El Salvador President Bukele Talks Bitcoin, Volcano Mining, Legal … Before you @ me: volcano mining is awesome, and I have no doubts that El Salvador will pull that off. By taking this step, Salvador has opened its arms to tourists, miners, investors, and software developers. Soon after, President Nayib Bukele instructed a state-owned power company to provide bitcoin mining facilities with cheap, clean energy — harnessed from the country’s volcanoes.. Connecting bitcoin mining operations with state-run geothermal crops could possibly be a profitable tie-up. Videos El Salvador President Bukele Talks Bitcoin, Volcano Mining, Legal … The country’s congress passed the Bitcoin bill with an overwhelming yes vote. El Salvador Plans To Use Electricity Generated From Volcanoes To Mine Bitcoin. El Salvador, Bitcoin, and volcanoes: a crypto love story. Iceland, another country with large amounts of volcanic geothermal energy, has become a popular location for Bitcoin mining. Iceland also has excess geothermal energy which the country uses to produce and then export aluminum. Bitcoin arguably provides a more consistent and reliable way to convert that otherwise wasted energy into revenue. The important thing, though, is that El Salvador is finding a potential solution to a persistent problem. El Salvador’s President sent shockwaves through the crypto world when he declared last weekend that he wanted to make Bitcoin legal tender in the small Central American country. By Edgardo Ayala (IPS Noticias). Therefore, the president sees El Salvador become a pioneer in bitcoin mining and blockchain technology. The Central American country has a lot of volcanic activity, which is good for geothermal energy production. Lower than 14 hours after securing approval for a invoice to make bitcoin authorized tender within the Central American nation, Bukele says he has directed El Salvador’s geothermal firm, LaGeo, to let power-hungry bitcoin miners plug into his nation’s volcanic sources. While this was celebrated as a victory for Bitcoin, the International Monetary Fund (IMF) has since voiced its concerns with the move. Read more on independent.co.uk. But El Salvador’s ambitious new plan places them at the center of solving a global concern: Mining Bitcoin via renewable, clean, green energy sources.. Mining “proof-of-work” cryptocurrencies involves using a massive computing system that solves millions of complex calculations each second to validate transactions … Geothermal power contributed 21.7 percent to total electricity generation there and was the second largest source of renewable energy last year. Flip. El Salvador's President Nayib Bukele has proposed mining Bitcoin (BTC) using the clean energy of zero-emission volcanoes. The El Salvadoran government seems to be pushing ahead with its plans for bitcoin mining in the country, which would see the use of geothermal energy to power BTC mining activities in the country. El Salvador's President Nayib Bukele said on Wednesday that he has instructed state-owned geothermal electric firm LaGeo to develop a plan to offer bitcoin mining facilities using renewable energy from the country's volcanoes. El Salvador Volcano’s To Power Bitcoin Mining. But El Salvador’s ambitious new plan places them at the center of solving a global concern: Mining Bitcoin via renewable, clean, green energy sources.. Mining “proof-of-work” cryptocurrencies involves using a massive computing system that solves millions of complex calculations each second to validate transactions … Posted On 06/15/2021. 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