Nayib Bukele, President of El Salvador, unveiled some early renderings of the country’s first and only Bitcoin mining plant, which is now under construction. He revealed the previews on Twitter, claiming that a pristine, volcano-powered hashrate will be available shortly.
Edgardo Mulato, President of El Salvador’s Labor and Social Security Commission, showed his support to President Bukele’s recent post by tweeting “Welcome to the future #BTC”.
Welcome to the future😎 #BTC
— Edgardo Mulato (@EdgardoMulatoSV) June 23, 2021
El Salvador contains 23 volcanoes that are still active. Thermal energy stored under the Earth’s surface may be utilized to produce strong steam, which can then be used to generate electricity.
Related: BIS official oppose Bitcoin, El Salvador’s move is an interesting experiment
El Salvador, although being Central America’s smallest country, has one of the world’s greatest geothermal energy producers. Geothermal energy contributes to a fourth of the country’s total electrical generation. Bukele tasked LaGeo, a state-owned geothermal energy firm, with devising a strategy for mining Bitcoin using volcano energy.
Nayib Bukele instructed LaGeo, a state-owned geothermal electricity company, to come up with a plan to mine Bitcoin with volcano energy. The announcement was made on the same day when the bill was debated. The idea was casually suggested to him during a live audio conversation on Twitter.
El Salvador became the first Central American country to legalize bitcoin as a form of payment. The measure was passed by the assembly on June 9, 2021, with 62 out of 84 votes in favor. Other Central American countries, such as Paraguay, Panama, Brazil, and others, are following El Salvador’s lead and may soon unveil their cryptocurrency plans.
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