El Salvador President Nayib Bukele announced that the country has started mining Bitcoin using volcanic energy. President Bukele stated that the testing and installation process is ongoing, but the country has officially started Bitcoin mining.
We’re still testing and installing, but this is officially the first #Bitcoin mining from the #volcanode 🌋
— Nayib Bukele 🇸🇻 (@nayibbukele) October 1, 2021
Clean Bitcoin mining was one of President Bukele’s other major projects that he announced in June, the period when the country’s Congress adopted BTC as the national currency. However, while the controversy and hype around BTC has overshadowed plans to develop volcanic mining; now that the infrastructure is complete, the financially struggling country may have found a new source of income for itself.
El Salvador Could Be a Center for Clean BTC Mining
El Salvador is expected to become a hub for Bitcoin miners as a result of China’s crypto ban and growing demand for clean Bitcoin mining. As Kazakhstan tries to impose a temporary ban due to the power outage, El Salvador could seize the opportunity and attract new miners to the country. The mined BTC can then be used for the benefit of the government. And as a result, the mining industry can not only provide a revenue stream, but also create employment in the region, creating a win-win situation.
Apart from these developments, El Salvador not only made Bitcoin the national currency in the country along with the US Dollar, but also started buying Bitcoin from the bottom and currently holds more than 400 BTC in its treasury. The chairman also stated that they plan to continue to buy more BTC during market downturns.