El Salvadorian President Nayib Bukele has made some bold claims in the past.
Many of those claims he has delivered on, or at least those falling within the cryptocurrency and digital asset space.
According to Bukele, El Salvador is currently taking its first steps into using the geothermal energy from volcanoes in order to mine Bitcoin.
This could potentially set minds at ease when it comes to Bitcoin energy consumption and its effects on our environment.
El Salvador seems to be on the cutting edge when it comes to innovative Bitcoin policies, and it has certainly attracted the attention of institutional investors looking for a potential tax break on direct foreign investment via Bitcoin.
Here’s more on the story:
— Nayib Bukele 🇸🇻 (@nayibbukele) September 28, 2021
❌ China banning crypto so its Orwellian CBDC can roll out with less competition.
❌ United States suing Kraken for offering innovative financial services that people like.
✅ El Salvador mining Bitcoin with volcanoes.
— Erik Voorhees (@ErikVoorhees) September 28, 2021
Bitcoin mining has come under scrutiny lately because of the sheer amount of energy it uses. More and more mining companies are now looking for clean energy to produce the asset.
Bukele said in June that El Salvador’s state-owned electricity company LaGeo would use “very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos” to mine Bitcoin.
“It's just the Earth's energy. And it works 24/7, 365 days a year. It will probably work for the next 500 million years." – @nayibbukele on volcano #Bitcoin mining ⛏️@mcshane_writes https://t.co/q9X0e9tBtI
— Bitcoin Magazine (@BitcoinMagazine) September 29, 2021
Bitcoin mining gives countries like El Salvador a viable way to tap into underutilized, off-grid green energy. That could rewire the fundamentals of energy development worldwide – and shift the global balance of power.
— CoinDesk (@CoinDesk) September 29, 2021
Bitcoinist praised Bukele for his innovative and forward looking policies:
In just four months, the president has managed to make El Salvador the first nation to adopt Bitcoin as legal tender, distribute $30 worth of Bitcoin to all of the country’s citizens via the state-sponsored Chivo app, install 200 Bitcoin ATMs within the country, purchase 700 Bitcoin for the national reserve, and begin to mine the hardest money known to man in a way that is 100% renewable.
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