El Salvador’s president, Nayib Bukele, has called on bitcoin miners to take advantage of new facilities that will be built at the state-owned geothermal and electricity company specifically for the industry.
“Our engineers just informed me that they have drilled a new well, which will provide approximately 95 [megawatts] 100% clean, 0 geothermal emissions from our volcanoes,” Bukele shared Twitter. “Begin designing an entire bitcoin mining hub around it.”
The idea of using El Salvador’s volcanoes as a power source for bitcoin mining apparently surfaced in a Twitter Spaces chat room hosted by Nick Carter, co-founder of Coin Metrics. The chat room is having conversations about Bitcoin, mining and how the largest cryptocurrency has a significant penetration in developing countries, Carter said Interview.
In particular, El Salvador recently Approval of legal tender for bitcoin in the country Happened while booking a chat room. Bukele joined the chat room live from the country’s parliament while the vote was taking place.
Bukele is moving quickly to increase Bitcoin adoption in his country. announce it El Salvador will declare bitcoin legal tender On June 5 in a video recorded for the Bitcoin 2021 conference and the country’s government approved the bill Only four days later. On the same day, Bukele Mutual That he had already contacted the country’s geothermal power company to make arrangements for bitcoin miners to enjoy the cheap, Clean, renewable energy that does not emit any greenhouse gases. Engineers drilled the new well within hours.
Bukele’s moves may present opportunities for the Bitcoin mining industry at an especially good time. Chinese miners, for example, suffer from strong state repression of the sector, They may be encouraged to take advantage of the clean and cheap geothermal energy in El Salvador and move their rigs to Central America. Bitcoin mining operates as a purely free market and miners are geolocated in a game-theoretic fashion – while one country may prohibit it, another can always welcome it.