El Salvador took its first steps to mining BTC with the power of a Volcano as the tweet from the country’s president explained so let’s read more in our latest Bitcoin news today.
El Salvador’s president in June said that the country started the project and said in a Twitter video that the country started the project to use geothermal energy from volcanoes to mine Bitcoin. President Nayib Bukele posted a video with teh caption “First steps” that was accompanied by a volcano emoji. The clip has already 1.8 million views which shows a data center in teh forest and then zoomed in on a worker inside the center that hooked a wire to a BTC mining machine. BTC mining is the most energy-intensive process of using powerful computers to verify transactions on the blockchain.
First steps…
🌋#Bitcoin🇸🇻 pic.twitter.com/duhHvmEnym
— Nayib Bukele 🇸🇻 (@nayibbukele) September 28, 2021
BTC mining was under a lot of scrutinies because of the amount of energy that it uses. More and more mining companies are looking for clear energy to produce the asset.
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Bukele said that El Salvador’s state-owned electricity company LaGeo will use cheap 100% clean and renewable energy from the volcanos to mine Bitcoin. El Salvador made BTC a legal tender in the country as the first country in the world to do so. The idea is the idea of the country’s millennial president who came to power in 2019. Bukele was popular in the country but his Bitcoin law was criticized by the World Bank and the people of the country.
Citizens slammed the idea and took it to the streets to protest against the president which was the biggest protest that happened since Bukele took power. The Bitcoin law said that businesses have to accept payments in BTC if they have the right technology. Citizens don’t have to use it but are encouraged to do so by the government as there’s a state wallet called Chivo and everyone that downloaded it got a reward of $30 in BTC. Salvadorans even shared images on Twitter using their wallet.
El Salvador took its first steps to mining BTC with volcanos and now we will see what will change for the people of the country that disliked the idea. Bukele also claimed that more citizens are using the wallet than any bank in the country.
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