El Salvador’s millennial leader and president Nayib Bukele shared some early mockups of the country’s first and one of its kind Bitcoin mining facility that is being built right now. He posted the previews on his Twitter handle stating clean, volcano-powered hashrate coming soon.
Clean, volcano powered hashrate coming soon… #Bitcoin
— Nayib Bukele
Sneak peekpic.twitter.com/u7ocqkKTN0 (@nayibbukele) June 23, 2021
El Salvador became the first Central American country in the world to make bitcoin a legal tender. The bill was passed on 9th June 2021 receiving 62 out of 84 votes in the assembly. Other Central American countries like Paraguay, Panama, Brazil, and more are following the likes of El Salvador and soon announce their plan for crypto.
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 is among the world’s biggest geothermal energy producers and El Salvador’s geothermal energy is fully clean and renewable. As the matter of fact, geothermal power accounts for a quarter of the country’s total electricity production. El Salvador is home to 23 active volcanoes. The heat energy within the sub-surface of the earth can create powerful steam that is capable of generating electricity.
The tropical nation can also become an attraction for Chinese mining firms who have been hunted down by the communist governments causing a massive drop in Bitcoin’s hash rate. Many Chinese mining firms have already moved to places like Kazakhstan to save their business.