El Salvador to Use Volcano for Bitcoin Mining
El Salvador plans to use geothermal energy from volcanoes for Bitcoin mining
The country’s president Nayib Bukele gave this instruction to a state-owned electric company hours after authorising the use of Bitcoin as legal tender
This move was made amid criticism of the environmental effect of the energy required for mining the flagship cryptocurrency
Only a few hours after signing the use of Bitcoin as a legal tender into law, El Salvador has put in place an energy plan for Bitcoin mining.
The small country plans to use geothermal energy from the volcanoes for the mining of the cryptocurrency.
President Nayib Bukele has ordered a state geothermal electric company to create a plan for cryptocurrency mining with volcanoes.
On Tuesday, the Central American country signed Bitcoin into law as a legal tender after gaining 62 out of 84 votes.
Bukele has also revealed that engineers in the country have dug a well that will produce up to 95 MW of clean energy from volcanoes.
The move is coming amid recent criticism about the energy consumption for Bitcoin mining and its environmental impact.
Bitcoin mining helps generate new units of the flagship cryptocurrency by solving complex mathematical problems.
The majority of Bitcoin mining happens in China despite a ban on cryptocurrency and the process.