El Salvador launches its plan to mine Bitcoin with geothermal energy, guaranteeing the protection and care of the environment.
Nayib Bukele, president of El Salvador, reported that the Central American nation, the first in the world to make Bitcoin (BTC) its legal tender, is already taking its first steps to undermine the cryptocurrency with geothermal energy from its volcanoes. Bukele announced the news through the social network Twitter, where he shared a video about the country's progress in this area, such as the installation and connection of hardware equipment for bitcoin mining.
In June of this year, after announcing the Bitcoin Law, Bukele pledged to promote a Bitcoin mining plan with geothermal energy, to guarantee the extraction of the cryptocurrency in a friendly and environmentally friendly way. The Central American country has more than 170 volcanoes in its territory, of which about 14 are active.
To date, Bukele has not given further details about the progress of his plan to mine bitcoins with energy from volcanoes, but in June he reported that a group of engineers and experts were already testing a new geothermal well on which a complex mining center for the cryptocurrency was being designed.
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Bitcoin in El Salvador
Although part of the population is opposed to it, the adoption of Bitcoin in El Salvador is already a reality. On September 7, the Bitcoin Law approved by the Legislative Assembly of El Salvador came into effect, giving legal status and recognizing the cryptocurrency as a form of money within its territory. The president of the nation reported that Chivo, the BTC wallet developed by the State, already has more than 2,2 million active users; a figure that exceeds the number of users of any traditional bank in El Salvador.
The country also has the support of the Central American Bank for Economic Integration (CABEI) to promote the adoption of bitcoin. CABEI President Dante Mossi said during a press conference that he would create a technical research group to help El Salvador implement bitcoin as legal tender. Mossi said that the adoption of the cryptocurrency was a very important step for the development of the country.
Economy, investment, employment
Through Bitcoin, Bukele is confident that he will be able to encourage investment and attract capital to the country to boost and grow its economy. In addition, the president of El Salvador is confident in the disruptive and transformative process, which began with the adoption of Bitcoin, to create new sources of employment and improve the quality of life of its citizens and residents.
If it goes ahead with its plans, Bitcoin mining through geothermal energy sources will make El Salvador a powerful mining center of global reference in the coming years, while helping to ensure the stability and sustainability of the Bitcoin network with 100% carbon-free energy. As Bukele noted in June, the market-leading cryptocurrency will be mined with “pure water vapor.”
On the other hand, Bukele he remembered to the Salvadoran population that workers' salaries will not be paid with bitcoin and that the US dollar, its official currency since 2001, will continue to circulate alongside bitcoin.
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