Geothermal energy to power Bitcoin mining in El Salvador

by: Dynasty GI2021-10-07
El Salvador, the first country to adopt Bitcoin as legal tender, is now trying another innovation: mining Bitcoin by using volcanos as the energy source.
According the country’s president, Nayib Bukele, trials have started with the country mining just 0.0059 BTC, equivalent to some US$ 260, by using geothermal energy from volcanos in the region, which provide a significant part of the country’s electricity needs.
"El Salvador became the first country to make bitcoin legal tender when it also created the chivo wallet, for its citizens to make crypto-based transactions."
One of Bukele’s aims with the move is to reduce the transfer costs of remittances sent by Salvadorans living abroad, which represen a significant part of the country’s GDP.

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