Synopsis: El Salvador is mining Bitcoin by utilizing geothermal energy from a volcano, It has a reserve of over 5,750 BTC. Among mixed reactions, they continued to involve with eco-friendly mining, and also has maintained transparency and has aligned with global energy Aspects.
A Sustainable Solution for Crypto Mining : Geothermal energy
El Salvador’s geothermal plant generates 102 megawatts of energy, in which 1.5 megawatts energy is used for eco-friendly mining of bitcoins. This shows their dedication towards reusable energy . This new found geothermal power will help crypto industry in many ways.
The Bukele Administration’s Bold Move
Under President Nayib Bukele’s leadership, El Salvador became the first country to adopt Bitcoin as legal tender in 2021, alongside the US dollar. This move has received mix criticism . (IMF) International monetary fund also criticized El Salvador for accepting the volatile nature of crypto currency.
The Future of Bitcoin Mining: AI and Energy Security
The shift towards AI in mining of Bitcoin is gaining momentum, with industry experts like James Butterfill of CoinShares highlighting the potential for higher revenues in energy-secure locations. Plan B, a renowned crypto analyst, predicts a recovery in miners’ revenue two to five months post-halving, based on historical trends.
The country’s venture into volcanic Bitcoin mining is more than an economic experiment; it’s a testament to the country’s innovative spirit and its quest for financial inclusion and technological advancement in the digital age.
Also Read: Most expensive Bitcoin Art ‘Satoshi’
