El Salvador begins mining cryptocurrency using volcanic energy

By: Maksim Panasovskyi | 06.10.2021, 10:43
El Salvador begins mining cryptocurrency using volcanic energy

On September 7, 2021, El Salvador became the first country in the world to adopt Bitcoin as its official currency. But on the same day, the national digital wallet Chivo had to be shut down, which caused the cryptocurrency's value to drop by $6,000 per hour.

The country's commitment to Bitcoin persisted. El Salvador began using volcanic energy to mine the digital currency. The first BTC was obtained on October 1 after installing the appropriate equipment at a geothermal power plant.

The Volcanode site managed to mine 0.00599179 BTC in its first run. Taking into account the exchange rate at the time ($47,830) this is about $257-286. The number of installations on the Volcanode platform is not specified. There is also no information on how much energy was required for mining.

Nayib Buquele, president of El Salvador, announced plans back in the summer to harness volcano energy to mine the digital currency. He hopes that the use of fully renewable energy will provide an opportunity to correct the public's perception of cryptocurrency, because so far mining is only seen as harmful to the environment.

Source: @BitcoinMagazine