Bitcoin

El Salvador President teases Bitcoin geothermal mining farm

El Salvador’s President Nayib Bukele shared a video showing the clear progress of the country’s Bitcoin (BTC) mining facility, powered by volcanic geothermal energy.

The video shows an overview of a power generation plant with technicians making cryptocurrency mining rigs possible.

https://twitter.com/nayibbukele/status/1442949756993490945?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Bukele did not go into the process shown in the video, just wrote “First Steps” with a Bitcoin card along with emojis depicting a volcano and the flag of El Salvador. The President’s Office did not immediately respond to Cointelegraph’s request for comment.

The post comes a few months after Bukele announced plans to build a geothermal bitcoin mining facility. The president said in June that he would instruct the state-owned energy company LaGeo to manage a Bitcoin mining facility that runs on “very cheap, 100% clean, 100% renewable, zero-emission” energy.

El Salvador officially accepted bitcoin as legal tender alongside the US dollar on September 7, just three months after the country’s legislative assembly passed the “Bitcoin Law”.

Related: Bitcoin’s power consumption this year exceeds all of 2020

The latest move by the Salvadoran government reaffirms the tremendous potential of Bitcoin advocates in reducing BTC’s carbon footprint through the use of a variety of renewable energy sources, including hydropower, solar and more, solar and wind.

According to Tesla CEO Elon Musk, Bitcoin hit the renewable energy benchmark in July, suggesting that renewable energy usage “could be at or above 50%.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.