El Salvador president Nayib Bukele has confirmed via Twitter that the country has managed to mine some of the Bitcoin using volcanic energy. He says that the mining facility is still in its primitive stage and requires a lot of tinkering and professional insight to be able to make this endeavor a regular element. From the looks of it, it appears that El Salvador is investing in Bitcoin mining equipment that can be powered using geothermal energy from the erupting volcanoes.
If this thing takes flight conducting itself on a very large scale and mining Bitcoin around the clock, then it will definitely provide a decent and sustainable boost to crypto mining on the whole. The crypto gains at this minute are still very small and not applicable at all, but the state seems quite enthusiastic, having started this project and is rooting for much bigger numbers once the technology is complete and has been tuned to perfection.
At the time of writing, the data showed that with this primitive volcanic mining setup for Bitcoin, the state was only able to mine 0.004 Bitcoin, which was being shown in the pending payment section. As 0.006 Bitcoin was being prepared to be mined, so in total, the overall gains from this technology are only $470 with today’s crypto price. President has said on Twitter that they are still testing this technology and installing new gear as they go along, so, in the long run, this might turn out to be a very decent way of mining crypto using geothermal energy.
Using geothermal energy, electricity is produced, and this generated electricity is then used to power Bitcoin mining infrastructure. This new sustainable way of mining Bitcoin doesn’t only seem promising but provides insight into what the future might look like. The nation has managed to purchase 150 bitcoins in the last two weeks while bringing the total count up to 700 bitcoins. Elon Musk has also praised this setup and seemed overjoyed at the fact that after ditching Bitcoin in May, the crypto sector has definitely reached a sustainable edge.