El Salvador President Nayib Bukele shared an image of what the volcano-backed Bitcoin (BTC) mine will look like.
El Salvador President Nayib Bukele shared a visual of what the volcano-backed Bitcoin (BTC) mine will look like.
El Salvador President Nayib Bukele shared some mock-ups of the country’s volcano-supported Bitcoin mining project, which is currently under construction. The leader wrote to El Salvador that a “clean hash rate” would come “soon.”
As previously reported, Bukele instructed a state-owned power company to begin work on the project, the idea being suggested to him during a live Twitter voice call the same day.
There are 23 active volcanoes in El Salvador. The heat energy on the earth’s lower surface can create powerful steam that can generate electricity. Despite being the smallest country in Central America, El Salvador is among the largest geothermal energy producers in the world. In fact, geothermal energy accounts for a quarter of the country’s total electricity production.
The tropical country could become an attractive destination for Chinese miners pressured by their governments . Many of China’s provinces, including the hydropower-heavy Sichuan, have recently taken action to curb the mining industry, causing a massive drop in Bitcoin’s hash rate.