President Bukele begins 100% renewable mining of Bitcoin volcano in El Salvador

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On Tuesday, Nayib Bukele, President of El Salvador, released a new video showing a geothermal installation with Bitcoin mining machines running on the side of a volcano.

On Tuesday, Nayib Bukele, President of El Salvador, released a new video showing a geothermal installation with Bitcoin mining machines running on the side of a volcano.

The original video, which Bukele shared on Twitter Tuesday afternoon, has already received nearly 2 million views. It shows a government branded shipping container arriving at the geothermal power plant. The container is full of Bitcoin mining rigs, with technicians setting them up.

Bukele’s caption for the video was correct, “First steps…” The video appears to announce that the president is following up on promises made last June, when, a few days later announce it would make Bitcoin legal tender, Bukele urged Bitcoin miners to take advantage of new facilities being built specifically for the industry at a state-owned geothermal power company.

In just four months, the president succeeded in making El Salvador the first nation to adopt Bitcoin as legal tender, distributing $ 30 worth of Bitcoin to all citizens of the country via the state-sponsored Chivo app, install 200 Bitcoin ATMs in the country, buy 700 Bitcoins for the national reserve, and start mining the hardest money known to man in a 100% renewable way.

Notably, the initial plans for mining Bukele’s Bitcoin volcano were shared just months after Elon Musk announced that Tesla would not accept Bitcoin due to its consumption of power, which is necessary to secure the network. and $ 794 billion in monetary assets at the time of writing. Since, Musk did not want to resume accepting Bitcoin payments at Tesla, even though available energy data has undermined his company’s decisions.

While Musk has shown that he does not yet understand the Bitcoin network’s relationship to power generation and why it is beneficial to its renewable energy industry, or the humanitarian property rights issues it can solve for near of 8 billion people worldwide, the benefits of Bitcoin are not lost against President Bukele, who has remained steadfast in his belief and leadership of a Bitcoin-fueled financial revolution in El Salvador

Bukele has been evangelizing Bitcoin for months. He explained in detail his goals for mining the Bitcoin volcano at the state-run geothermal power plant on the “”What Bitcoin Has Done»Podcast on June 23.

Bukele said: “Geothermal is a very, very clean source of energy and it’s probably one of – I would say the best, because there are a lot of other green energy projects that are happening. good, but it has almost no downside. “

Describing the potential of geothermal energy compared to other popular renewable energy sources, Bukele said, “It’s just the energy of the Earth. And it works 24/7, 365 days a year. It’ll probably work for the next 500 million years, or whatever, right before the Sun absorbs Earth or something. So, it’s going to be there; he is there 24 hours a day, 7 days a week ”.

He went on to describe the plans for the first state-run Bitcoin volcanic mining plant, “It’s going to cost $ 480 million, so it will be a legacy for the country as we are building an infrastructure paid for by Bitcoin.”

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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