InstaForex

October 1, 2021

El Salvador Volcano Succeeds in Generating Bitcoin (BTC)!

 Finally El Salvador officially mined the cryptocurrency, Bitcoin (BTC) using a volcano.


Based on an official tweet by the country's president, Nayib Bukele, they have managed to mine 0.0059 BTC worth $ 260 (~ RM1,086).


We’re still testing and installing, but this is officially the first #Bitcoin mining from the #volcanode πŸŒ‹


- Nayib Bukele πŸ‡ΈπŸ‡» (@nayibbukele) October 1, 2021



This is El Salvador’s first success in producing BTC using the ‘volcanode’ method even though they are actually still in the assembly and testing phase.


For the record, El Salvador’s economy is largely dependent on geothermal energy and is one of the world’s largest producers.


The production of BTC using this environmental energy is Bukele's dream since the government wants to make this crypto king a legal tender.


This success would not have been possible without the collaboration of geothermal energy firm, LaGeo.


If Bitcoin mining is often associated with high electricity consumption, Bukele believes through ‘volcanode’, BTC production is cheaper and 100% environmentally friendly.