September 29, 2021—Just a few weeks into its experience of using Bitcoin as its national currency, El Salvador, under the leadership of its entrepreneurial leader, is employing the use of its volcano to mine the cryptocurrency.
President Nayib Bukele released a video today showing a state-owned geothermal facility on the side of El Salvador’s volcano with Bitcoin mining machines. He introduced it on Twitter, saying “First steps.”
The state-owned facility, LaGeo, is a subsidiary of the Comisión Ejecutiva Hidroeléctrica del Río Lempa.
Bitcoin mining involves solving complex math problems with blockchain technology through high-powered computers. A study by the University of Cambridge suggests that Bitcoin mining consumes 121.36 terawatt hours a year. That’s more electricity than the entire country of Argentina consumes in a year.
It’s estimated that Bitcoin generates between 22 and 22.9 million metric tons of carbon dioxide emissions a year,
El Salvador’s Bukele says mining it from the country’s volcanos is a cheap, clean, renewable way to do it without emitting carbon dioxide.
He launched Bitcoin as its official legal tender earlier this month, giving citizens access through a Chivo wallet. A third of the country is now using it, the government says.
Copyright secured by Digiprove © 2021 Patti Mohr