El Salvador To Mine Crypto From Volcanoes As First With Bitcoin As Legal Tender
By Alexa Heah, 11 Jun 2021
Images via Lemberg Vector Studio / Shutterstock.com
Earlier this week, El Salvador became the first country to recognize Bitcoin as legal tender. This means Bitcoin will be convertible into USD, and will be afforded the same legal standing in the country.
According to ZDNet, throughout the country, prices of goods can now be displayed in Bitcoin, with all merchants needing to accept the cryptocurrency as a form of payment. Even citizens’ tax contributions can be paid in Bitcoin, with the cryptocurrency’s exchanges no longer subject to tax.
“Approximately 70% of the population does not have access to traditional financial services … it is the obligation of the state to facilitate the financial inclusion of its citizens in order to better guarantee their rights,” the Bill read.
Now, President Nayib Bukele hopes to tap into cryptocurrency mining by creating renewable facilities using power from the country’s… volcanos.
As per a tweet, Bukele is working with a state-owned geothermal electric firm to draw up the plans for these facilities, which would make mining Bitcoin cheap, renewable, and 100% emissions free.
“Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos. Starting to design a full #Bitcoin mining hub around it,” he said in another tweet.
Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos 🌋— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
Starting to design a full #Bitcoin mining hub around it.
What you see coming out of the well is pure water vapor 🇸🇻 pic.twitter.com/SVph4BEW1L
[via ZDNet, cover image via Lemberg Vector Studio / Shutterstock.com]
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