, 2 years ago
At the first glance it seems to be a little bit far fetched to bring Bitcoin mining and volcanos together. But it was only recently that the world has learned that this is a viable option and that there are already facilities in the making.
How is this even possible and are those minted BTC forged in lava? In today’s article we are going to discover a green energy source.
Only a couple of days after he made the announcement during Bitcoin 2021 in Miami, President Nayib Bukele set his plan in motion. With the parliament agreeing to his plan, Bitcoin became effectively legal tender in El Salvador. Since the country has no currency of its own there is a chance that BTC is even to become the major currency of the country.
But Bukele did not stop there. Only a few hours after the bill were passed in the parliament the President announced that he is going to attract mining companies to his country. While El Salvador has a very hot climate it also has something to offer that is not common in other parts of the world: Volcanos.
The volcanic activity beneath the surface is so strong that El Salvador is using it as a source of energy. Geothermal energy is highly available in the country and is a natural resource that is not producing many costs unlike coal or even nuclear power.
It is also 100 % green, since the volcanic activity is a natural occurrence that cannot be controlled. There are some emissions, but those cannot be avoided, meaning that there is no additional carbon dioxide produced by the power plants.
This seems to be a way to deal with a problem that has been discussed only recently by Elon Musk. According to him, Tesla will not accept any BTC payments as long as the network is not powered by renewable energies.
Bitcoin is already green in the sense that certain regions in China make use of hydroelectric power plants and miners are also taking a benefit. Miners also consume a lot of energy that is produced as a surplus and cannot be used otherwise.
With El Salvador moving forward the mining industry is facing a big opportunity to win over more green resources.
Read more about the energy consumption of Bitcoin and how it helps promoting a greener grid.
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