El Salvador starts mining bitcoin with volcano energy

El Salvador starts mining bitcoin with volcano energy

El Salvador has started mining the first cryptocurrency on geothermal volcanic energy. This was announced by President Nayib Bukele on Twitter.

We’re still testing and installing, but this is officially the first #Bitcoin mining from the #volcanode

According to the bounty results posted by Bukele, 0.0059 BTC (~$265.5 at the time of writing) was mined.

One user noted that most pools use a three-hour period for reporting, and left an ironic comment below the figures:

"Not bad for home mining".

He was reminded that it was about testing.

On 29 September, the Head of State published a video showing the arrival and deployment of ASIC miners at one of the facilities of the state-owned energy company LaGeo.

Bukele proposed to set up mining on clean geothermal energy from volcanoes in the country on 10 June - the day after parliament passed a bill recognising bitcoin as an official means of payment.

The law went into effect on September 7.

On 27 September, the president said the state-owned cryptocurrency wallet Chivo was "actively used" by 2.1 million people in the country. In a tweet on 1 October, he said the figure had reached 2.73m.

2.73 million people already using @chivowallet 180 new users every minute (users not downloads). 1 million dollars in remittances being received every day.

The president had earlier acknowledged that the introduction of Chivo had encountered technical difficulties and promised to overcome them in the "coming days".

In a comment under Bukele's post about the start of mining, a local resident said she was unable to resolve the problem of signing up for the app so far.

As a reminder, every new Chivo user is awarded $30 in bitcoin by the government. The money for this is provided by a specially created fund of $150 million.

Like any investment, it may be a good idea to start small to learn the mechanics of buying cryptocurrencies. Where to buy eToro vs Libertex, and how to store.

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