Mining for the first time! President of El Salvador: 0.0059 Bitcoin has been mined from the volcano node

Time:2021-12-27 Source: 697 views Trending Copy share

The President of El Salvador, Nayib Bukele, announced on Twitter on September 29 that the country is taking the first step towards mining Bitcoin with volcanic geothermal energy. On the 1st, he again tweeted to update the progress of volcanic geothermal mining. He posted a screenshot of the reward details of Bitcoin volcanic mining in the country.

The graph shows that so far, the country has mined 0.0059 BTC from the volcanode, the current price is equivalent to 265 US dollars. He pointed out: We are still testing and installing, but this is the first time that El Salvador has officially mined Bitcoin from a volcano node.

The President of Saskatchewan Buglei publicly stated for the first time in June that he has instructed LaGeo, a state-owned geothermal power company, to formulate relevant plans to use the country's volcanic geothermal power to provide energy for Bitcoin mining. Provide BTC mines with very low-cost, 100% clean, 100% renewable, and zero-carbon volcanic geothermal energy.

On September 29, he uploaded a short Twitter video to show his determination to carry out zero-pollution BTC mining in the country. The film shows mining equipment being tested and installed in a facility in El Salvador.

El Salvador wants to use the land thermal resources to realize green energy mining

El Salvador is located on the edge of the volcanic belt around the Pacific Ocean. There are 20 potentially active volcanoes in the territory, also known as the country of volcanoes. Coindesk pointed out that, according to data from the American International Trade Association, these rich volcanic geothermal resources account for 21.7% of the country's energy. (In contrast, the total energy ratio of all renewable energy in the United States accounts for only 12% of all energy.)

El Salvador promotes volcanic geothermal mining except for its abundant volcanic resources. Furthermore, the structure of the geothermal power plant itself is relatively simple. Basically, you only need to drill a few large holes in the ground, and then you can use geothermal energy to drive the turbine. Therefore, compared to other power plants with complex structures such as natural gas or nuclear power, the cost of facilities will also be saved a lot.

If El Salvador succeeds in expanding the scale of volcanic geothermal mining, the bitcoins mined will be able to subsidize the development of electricity resources and energy in the country. In the long run, not all geothermal energy will be used to mine Bitcoin. Areas near power generation facilities may also benefit, and other innovative industries can even be developed from cheap and clean energy.

This gives Bitcoin the opportunity to become a potential driving force for the development of renewable energy. El Salvador may also become a case study.

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