Wednesday, October 27, 2021

El Salvador Mined Its First Bitcoin by Using Volcano Energy

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El Salvador announced the establishment of a Bitcoin mining facility that will work with volcanic energy after recognizing Bitcoin as a legal currency. El Salvador President Nayib Bukele explained how much Bitcoin was produced with volcanic energy in his social media account.

Bukele stated that they are still testing and installing, but it is officially the first Bitcoin mining from Volcanode and, 0.00599179 Bitcoins, which is approximately $269, have been mined to date.

While some analysts comment that El Salvador’s Bitcoin move is the way to becoming the richest country in the world, others say that it is not on the right track.

It is not the first time that volcanic energy has been used in Bitcoin mining. Like El Salvador, Iceland and Norway also mined Bitcoin with volcanic energy.

In addition, the environmental damage caused by fossil fuel energy used in cryptocurrency mining around the world has been the subject of discussion. In the past months, Tesla CEO Elon Musk drew attention to this issue and he suspended the use of crypto money for Tesla vehicle purchases. He explained that the energy used in cryptocurrency mining harms the environment.

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