El Salvador Pres Announces Clean Bitcoin Mining Via Volcanic Geothermal Energy: “Going to Evolve Fast”
In a matter of 24 hours, El Salvador President Nayib Bukele has taken his Bitcoin project from ideation to execution as he took to Twitter to share that they are progressing fast in their plan to mine Bitcoin using renewable energy from the country’s volcanoes.
On Wednesday, after the bill to make Bitcoin legal tender was passed by a supermajority, Bukele said he had instructed the president of the state-owned geothermal electric company, LaGeo, “to put up a plan to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.”
At the time, he said, “This is going to evolve fast!” and then the very next day, he announced that they had dug a well to provide the energy for bitcoin mining. Bukele late on Wednesday tweeted,
“Our engineers just informed me that they dug a new well that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanoes. Starting to design a full Bitcoin mining hub around it.”
“Bitcoin incentivizes renewable energy,” tweeted Twitter CEO Jack Dorsey in response.
El Salvador is moving fast in its Bitcoin adoption and is allowing prices to be shown in BTC and tax contributions to be paid in the digital currency.
Bitcoin has been mandated in the country that “every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service,” as per the passed bill.
The Central American country has struck a partnership with digital wallet company Strike to build El Salvador’s modern financial infrastructure required to use bitcoin technology.
The country will also be buying $150 million worth of Bitcoin in its development bank to provide liquidity when merchants accept Bitcoin but want an instant conversion to USD.
Everyone, especially the crypto community, has their eyes fixed on just how this is going to be executed and how well this experiment turns out to be.
For now, the Bitcoin price is ecstatic, trading above $38,000 after falling to $31,000 earlier in the week but still trading in the $30-$40k range.