El Salvador Mined The First BTC Using Volcanic Energy: Report

El Salvador mined the first bitcoin using volcanic energy as president Nayib Bukele confirmed the country used its newly built volcanic facility that generated the first bit of BTC as we are reading more in our Bitcoin news today.

Nayib Bukele the president of El Salvador took it to Twitter with some of the mining numbers and it seems that the country’s developing volcanic mining facility produced its first BTC. The gains produced by the volcano are still small but the president still seemed enthusiastic to get the project started showing some numbers alongside a heart emoji. The facility hadn’t recieved any BTC payments and the data showed a 0.004 BTC pending payment and about 0.006 BTC preparing to be mined and the facility was poised to reach a one-hundredth of BTC or about $470 US with the prices today. Bukele said:

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

Nayib Bukele, Source: Wikipedia

The president shared a video of the Volcanode a few days ago and it even included an aerial view of the mining facility. The footage showed the electricity is generated using the volcano alongside a man arranging a series of ASICS and revealed what he called “First steps” received highly positive feedback on Twitter. Bukele recieved a lot of congratulations on the milestone including some from notorious BTC HODLer Michael Saylor. The new facility contributes to El Salvador’s apparent effort to HODL as much as BTC possible and less than two weeks ago, the nation purchased another 150 BTC and brought its total holdings up to 700 which came a few days after the nation became the first-ever country to legalize BTC as a payment method.

It is also an environmentally friendly method of mining by using the untapped energy in the volcano at no carbon cost. Most criticized the Bitcoin proof of work system for being too harmful to the environment due to teh energy use but the damages from the biggest crypto tend to be exaggerated as half of the hash power is generated from sustainable sources. Elon Musk even commented about it after he stopped accepting Bitcoin payments back in May due to climate concerns and he admitted that the network is already becoming much more sustainable.

By: Stefan
Title: El Salvador Mined The First BTC Using Volcanic Energy: Report
Sourced From: www.dcforecasts.com/bitcoin-news/el-salvador-mined-the-first-btc-using-volcanic-energy-report/
Published Date: Sat, 02 Oct 2021 15:35:10 +0000