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El Salvador taps renewable energy from volcanoes to start mining bitcoin

CNBC | MacKenzie Sigalos | Oct 1, 2021

Bitcoin mining El Salvador - El Salvador taps renewable energy from volcanoes to start mining bitcoinEl Salvador has mined 0.00599179 bitcoin, or about $269, with power harnessed from a volcano.

President Nayib Bukele – who has banked his political future on a nationwide bitcoin experiment – tweeted early Friday morning that this is the country’s maiden voyage into volcano-powered bitcoin mining.

On Tuesday, the president posted a flashy 25-second teaser video, which includes shots of a government-branded shipping container full of bitcoin mining rigs, technicians installing and plugging in ASIC miners, as well as sweeping landscape aerials of an energy factory in the thick of a forest, bordering a volcano.

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The video, which has since gone viral with more than 2.3 million views, is captioned simply with “First steps...”


If the Central American state is, indeed, minting new coin, it will mean that Bukele has made good on a promise first made in June, when he said that he had instructed state-owned geothermal electric company, LaGeo SA de CV to “put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.”

Bukele indicated in his tweet on Friday that the mining project was still a work in progress and that they are in the process of “testing and installing” new mining equipment.

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El Salvador is literally dubbed the “land of the volcanoes,” and already, geothermal energy accounts for nearly a fourth of its domestic energy production, according to official data.

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NCFA Jan 2018 resize - El Salvador taps renewable energy from volcanoes to start mining bitcoin The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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