El Salvador's move into volcano-powered bitcoin mining makes the case that bitcoin can act as an accelerant to renewable energy development. Geothermal energy is renewable, it's clean, and in some places, it makes use of a previously untapped resource.
The video, which has since gone viral with more than 2.3 million views, is captioned simply with "First steps..."
If the Central American country is, indeed, minting new coin, it will mean that Bukele has made good on a promise first announced in June,he had instructed state-owned geothermal electric company, LaGeo SA de CV to "put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos."
Bukele indicated in his tweet Friday that the mining project was still a work in progress and that they are still "testing and installing" new mining equipment.Volcano-powered bitcoin mining has been a thing for a while. "It's just geothermal energy," said bitcoin miner Alejandro de la Torre, who recently made the move from China to Texas. "Iceland has been doing it since the very, very beginning of bitcoin mining."
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