El Salvador wants to operate Bitcoin mining with geothermal energy
El Salvador wants to operate Bitcoin mining with geothermal energy
- el Salvador has hundreds of megawatts unused geothermal energy potential.
- Bukele has announced its plans to fully use the volcanic geothermal energy of the country, from which a lot is transported to other cities or is lost due to oversupply.
The President of El Salvador, Nayib Bukele, was recently on the news because he had announced his intention to make Bitcoin a legal means of payment this week. He is again the trend for the decision to operate Bitcoin mining with the country's volcanic geothermal energy.
During an interview with Nic Carter in a Twitter Spaces room, he was asked if he had any plans for Bitcoin mining. Bukele then uncovered its plans, the volcanic geothermal energy of the country, from which a large part is transported to other cities or is lost by oversupply.
We want to promote industrial parks in which you can build your factory and you get it cheap, clean, renewable.
He also mentioned that Bitcoin-Miner could best find the park, and has instructed La Geo, the state electricity company, to take precautions for this.
I have just instructed the president, @lageosv To set up plan to set up institutions for #bitcoin Mining with very cheaper, 100% renewable, 100% more renewed, 0 emissions energy from our volcanoes 🌋
That will develop quickly! 🇸🇻 pic.twitter.com/1316dv4ywt
- nayib bukele 🇸🇻 (@nayibbukele) 9. June 2021
el Salvador seems to be prepared because it has hundreds of megawatts unused geothermal potential. They also have a network of unused power plants. Bukele believes that it is cheaper to connect the systems than to transport the current elsewhere.
Our engineers have just told me that they have dug a new fountain that will deliver 100 % clean, emission-free geothermal energy from our volcanoes.
El Salvador could be the largest Bitcoin mining location
Bukeles effort to make El Salvador a cryptocurrency hub is undeniable. Before his announcement that he intends to send a draft law to the parliament in order to make Bitcoin as a legal means of payment, his Twitter profil photo showed him red laser eyes. He changed the photo to an edited picture of himself with blue laser eyes. This is very well known among cryptocurrency enthusiasts. He also made it easier for startups with crypto cover to open offices in El Salvador. Justin Sun von Tron announced in an announcement that his company will be the first crypto organization to open an office in the country.
Bitcoin has become criticized because of the high energy consumption. It was reported that Bitcoin consumes more energy than some countries like Argentina. In March 2021, analysts of the Bank of America estimated that Bitcoin's general CO2 emissions had increased to around 60 million tons. This corresponds to the exhaust gases of 9 million cars. This has forced environmental activists and key players in the industry demand that Bitcoin mining will be transferred to the Proof-of-Stake (POS) consensus mechanism. It was also proposed that Bitcoin mining should be operated with renewable energy.
Island has become a very popular location for Bitcoin mining due to its great volcanic geothermal energy. Part of their excess geothermal energy is used to produce and finish aluminum. Bitcoin is identified as the best candidate to convert wasted energy into income, which El Salvador wants to do to become one of the largest locations in Bitcoin mining.
Source: Crypto-news-flash.com
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