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NEW DELHI: The president of El Salvador, Nayib Bukele announced on 1st October the use of volcano-powered energy to mine Bitcoins. Bukele tweeted on the first day of official volcano-powered mining that 0.00599179 bitcoin worth $269 was mined.
The renewable source-powered mining is still in its testing phases. On September 29, the President had uploaded a 25-second video, giving a glimpse into the volcano-enabled crypto mining in the country. The video showed government-branded shipping containers of bitcoin rigs and workers installing the miners.
Bukele had tweeted earlier in June 2021 about using volcanoes for Bitcoin mining which would be 100 percent clean, and renewable with zero emissions.
The president roped in state-owned geothermal electric company LaGeo SA de CV to provide facilities for Bitcoin mining to achieve the goals of zero carbon footprint and cheap mining. Geothermal energy accounts for 25 percent of the country’s domestic energy production.
El Salvador has potentially 20 active volcanoes in the uninhabited regions of the country. The energy released by the volcanoes was being wasted and using geothermal energy for mining would prove inefficient.
Thus, Bukele resorted to utilizing already available renewable resource of volcanoes for ensuring efficient and clean mining.
However, there are other countries as well which are using renewable resources for crypto mining. Nordic countries like Iceland and Norway are famous for eco-friendly Bitcoin mining and have abundant geothermal, hydro and wind power.
Iceland has been using geothermal energy to mine cryptocurrencies since 2018. Norway also boasts of 100 per cent renewable energy production in the country where cryptocurrency miners take advantage of renewable resources to power their machines.
The low temperatures in these countries also help reduce costs by cooling the computer servers naturally.
Recently, Laos authorised crypto mining in the country and also stressed on using its huge untapped potential of hydroelectricity for Bitcoin mining.
(For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.)
The renewable source-powered mining is still in its testing phases. On September 29, the President had uploaded a 25-second video, giving a glimpse into the volcano-enabled crypto mining in the country. The video showed government-branded shipping containers of bitcoin rigs and workers installing the miners.
Bukele had tweeted earlier in June 2021 about using volcanoes for Bitcoin mining which would be 100 percent clean, and renewable with zero emissions.
The president roped in state-owned geothermal electric company LaGeo SA de CV to provide facilities for Bitcoin mining to achieve the goals of zero carbon footprint and cheap mining. Geothermal energy accounts for 25 percent of the country’s domestic energy production.
El Salvador has potentially 20 active volcanoes in the uninhabited regions of the country. The energy released by the volcanoes was being wasted and using geothermal energy for mining would prove inefficient.
Thus, Bukele resorted to utilizing already available renewable resource of volcanoes for ensuring efficient and clean mining.
However, there are other countries as well which are using renewable resources for crypto mining. Nordic countries like Iceland and Norway are famous for eco-friendly Bitcoin mining and have abundant geothermal, hydro and wind power.
Iceland has been using geothermal energy to mine cryptocurrencies since 2018. Norway also boasts of 100 per cent renewable energy production in the country where cryptocurrency miners take advantage of renewable resources to power their machines.
The low temperatures in these countries also help reduce costs by cooling the computer servers naturally.
Recently, Laos authorised crypto mining in the country and also stressed on using its huge untapped potential of hydroelectricity for Bitcoin mining.
(For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.)
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