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El Salvador to use energy from volcanos for crypto mining after Bitcoin Law receives green signal

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El Salvador has been making news lately after openly embracing Bitcoin [BTC]. The country’s president seemed to be weighing in on the advancement of crypto in the region. Just as El Salvador garnered a thumbs up from Congress, its president, Nayib Bukele, revealed his plans to spruce up crypto adoption efficiently.

The crypto community was ecstatic after Bukele announced that the country would soon be submitting a bill to Congress to give Bitcoin a legal tender. This move by the government was lauded by many as the prominence of Bitcoin surged. Yesterday, the president took to Twitter and noted that the law had been successfully sent to Congress. Several hours later, Bukele shared another tweet revealing that the region’s lawmakers were crypto-friendly as the bill garnered a green signal by Congress. The tweet read,

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

62 out of 84 votes!

History! #Btc🇸🇻

— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021

With this law being accepted, every economic agent in the region would be obligated to accept Bitcoin for payments.

El Salvador eyes volcano-powered crypto mining

President Bukele, in his recent tweet, revealed that the country was looking forward to making better amenities for the mining of crypto. Bitcoin mining has been an extensively controversial topic, mainly after Elon Musk dropped support for the king coin. While several have been calling out the crypto-verse for supporting Bitcoin’s energy-consuming mining process, Bukele was seen taking a different route.

In his tweet, Bukele revealed that he was in talks with Mynor Gil, the president of LaGeo, a state-owned geothermal electric company. Bukele has reportedly been urging the electric company to roll out a Bitcoin mining process that was “very cheap, 100% clean, 100% renewable, 0 emissions energy.” The tweet read,

I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋

This is going to evolve fast! 🇸🇻 pic.twitter.com/1316DV4YwT

— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021

Elaborating on the same, he added,

“Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcano.”

While Bitcoin’s price stays intact at $36K, the community speculated that El Salvador’s crypto-friendly announcement could push its value over $40K again.

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