President Bukele announces that EL Salvador will begin mining Bitcoin with local volcanic energy

On June 8, 2021, El Salvador’s President Nayib Bukele announced an innovative approach to Bitcoin mining by harnessing the geothermal energy of the country’s volcanoes. This announcement came shortly after El Salvador made history by becoming the first country to adopt Bitcoin as legal tender.
 

President Bukele’s plan involved using the geothermal energy produced by El Salvador’s active volcanoes to power Bitcoin mining operations. The initiative aimed to create a renewable and environmentally friendly method of mining Bitcoin, addressing common concerns about the cryptocurrency’s energy consumption and carbon footprint.
 

The state-owned geothermal electric company, LaGeo, was tasked with developing the necessary infrastructure to facilitate this new form of mining. The president’s vision was to utilize the country’s volcanic energy to provide a sustainable and cost-effective power source for Bitcoin mining, which is typically an energy-intensive process.
 

This move was part of a broader strategy to foster economic growth and technological innovation in El Salvador. By leveraging the country’s natural resources, the government sought to position itself as a leader in the bitcoin space and attract investment and attention from the global bitcoin community.
 

El Salvador’s venture into volcanic Bitcoin mining has been closely watched by the world, as it could set a precedent for other nations considering eco-friendly and innovative methods of mining digital currencies. It represents a significant step in the evolution of bitcoin mining and its potential to align with renewable energy initiatives.