Although we currently find ourselves in the midst of a market that is relatively quite low in terms of prices, the cryptocurrency industry overall has perhaps gone through more significant changes in this year alone than it has in any other in recent memory. This is because of a number of different factors. However, the biggest one has to be the fact that El Salvador had finally managed to make Bitcoin (BTC) legal tender not too long ago. With this move, President Nayib Bukele was able to make history by having El Salvador become the first-ever country in the history of the world to fully accept cryptocurrencies from a legal and widespread adoption standpoint.
In the past, El Salvador’s leader had also stated that the nation had plans of using energy from its volcanoes in order to power the Bitcoin mining efforts. This development has received a lot of praise from numerous cryptocurrency enthusiasts, as there is clearly a need for more renewable energy sources when it comes to mining, as China had cited environmental concerns for its decision to put an end to all mining efforts in that country not too long ago as well.
Also read:President Bukele begins volcanic energy implementation for mining
With the aforementioned information in mind, the leader of El Salvador has now begun the process of using the geothermal energy generated from the nation’s volcanoes and using it to provide the power and electricity needed for mining more Bitcoin. As of this moment, the process is still very much in the early stages, but it is ground-breaking nonetheless, and we can expect continuous updates as time goes on.
President Bukele provided a sneak peek recently into the country’s volcano-oriented efforts, and he remains confident that although a lot of work is yet to be done, the cryptocurrency community certainly has something to be optimistic about going forward.
No stopping El Salvador
Although President Bukele had also been the victim of plenty of backlash and criticism for his decision to make Bitcoin legal tender, the leader has nevertheless remained steadfast in his goal to enhance cryptocurrency adoption and to help the industry. A video recently shared by him had shown the geothermal facility (from an aerial view) as well as some cargo trucks and mining rigs.
President Bukele had initially disclosed a few mock-ups of the project this past June through Twitter, with the idea itself being brought up during a related conversation held on the social media platform.
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