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Bitcoin mining with volcanoes in El Salvador…how is that?

 

El Salvador's president also has laser eyes and plans to mine Bitcoin using volcanic energy!


When you view the preceding line as a futuristic scenario of how Bitcoin acceptance would unfold.


However, what has been stated above is not fiction, but rather a fact.


 After approving a bill to legal tender for bitcoin in the country, President Nayib Bukele of El Salvador said that he directed the president of the state-owned electricity company “LaGeo” to provide facilities for bitcoin mining at a very cheap and 100% clean price, based on renewable energy with zero carbon emissions.


President Najib proposed last week the bitcoin law in El Salvador and it quickly passed into law when presented to the Legislative Assembly, which is controlled by the president’s party with a two-thirds majority.


The law recognizes cryptocurrency as legal tender and requires companies to accept bitcoin as payment unless they are in rural areas that lack access to the internet.


In addition, it has been established that Bitcoin trading is exempt from capital gains taxes.


In short, El Salvador has just become the new favorite place for bitcoin customers.

Bitcoin mining with volcanoes in El Salvador…how is that?

The president of El Salvador has promised to mine bitcoin through clean energy and rely on volcanoes.


Speaking of which, El Salvador has more than 20 volcanoes, many of which are active.


The state's electricity company, LaGeo, uses volcanoes to harness geothermal energy.


Exploiting the power of volcanoes is actually not a new concept. Genesis Mining in Iceland uses geothermal heat to produce carbon-free electricity, for example.


Geothermal energy is considered an alternative, clean and renewable energy source. It is a high thermal energy of natural origin that is stored in magma in the ground.


It is estimated that more than 99% of the Earth's mass is made of rocks whose temperature exceeds 1000 degrees Celsius.


Relying on clean energy in bitcoin mining is one of the solutions and innovations that would counter the criticisms of the bitcoin mining process, the latest of which was directed by Tesla.


Back in El Salvador, the country already imports 25% of its electricity, according to the International Finance Corporation, making it the largest buyer in the region.


The International Finance Corporation reports that nearly half of Salvadoran companies say the high cost of electricity is one of the biggest barriers to growth because it increases the prices of products and services.


President Nayib's instructions will definitely add stress to the electrical grid and may even require El Salvador to import more electricity even if the energy produced by the Bitcoin mining facilities themselves is clean.


In other words, it is possible, but it will not be easy.

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