El Salvador has officially used volcanic energy to mine Bitcoin as part of using the cryptocurrency as legal tender across the country and not relying on the US dollar. President Nayib Bukele announced on October 1 that the so-called “Volcanode” mined its first BTC shortly after mining equipment was installed at the geothermal power plant.
It has not been revealed how many rigs were installed at the Volcanode site, nor how much electricity from the plant was dedicated to mining Bitcoin or how the project would progress now that it is operational. This promise from Bukele wants to ensure that the country itself can generate Bitcoin, and in a way that they consider green and without emissions.
Volcanic energy to mine Bitcoin
Volcanode's initial haul has been 0.00599179 BTC, which is equivalent to about $ 288,67 at the time of this writing. This is their first journey and President Bukele hopes that little by little, they will generate Bitcoin for the national treasury.
Bukele first announced his plan to mine Bitcoin with volcanic energy in June, shortly after El Salvador's Congress approved his proposal to accept cryptocurrency as legal tender throughout the country. Its implementation was made official on September 7, together with the Chivo national portfolio.
There are promises that the use of volcanic energy to mine Bitcoin is very cheap, clean, renewable and without emissions, although there is no shortage of criticism that this energy must be able to be reserved and distributed for the benefit of the population. Many critics see it as El Salvador doing this to adjust the public perception of cryptocurrency, under the eternal promise that it can be generated using sustainable energy in the face of constant criticism of its consumption.
Source: Tom's Hardware
