Will Volcanic Geo-Thermal Energy Soon Power ‘Clean’ Bitcoin Mining in El Savador?

It remains unclear when the construction of this Bitcoin mining centre will be complete in El Salvador.

By Radhika Parashar | Updated: 29 September 2021 19:07 IST

Will Volcanic Geo-Thermal Energy Soon Power ‘Clean’ Bitcoin Mining in El Savador?

Nayib Bukele, President of El Salvador, is supportive of cryptocurrencies

Highlights

El Salvador aims to facilitate Bitcoin mining without harming environment
High carbon emissions from Bitcoin mining has been a topic of concern
Miami in US is also considering nuclear-powered Bitcoin mining centres

Nayib Bukele, the President of El Salvador posted a 25-seconds long video that promises the “first steps” in Bitcoin mining. The footage showed glimpses of what reports speculate is a new volcanic geo-thermal Bitcoin mining facility being built in El Salvador, the world's first country to legalise Bitcoin as legal tender. Earlier in June this year, the Salvadoran government had asked geothermal electricity company LaGeo to map out a way to facilitate Bitcoin mining without causing harm to nature.

Without revealing too many details, Bukele captioned the clip with a seemingly positive couple of words, “...First steps.”

First steps...

????#Bitcoin???????? pic.twitter.com/duhHvmEnym
— Nayib Bukele ???????? (@nayibbukele) September 28, 2021

To mine or generate Bitcoins, miners have to solve complex mathematical equations via advanced computers. In June this year, the crypto-friendly Salvadoran President had shared the first image of the location where he intended to set up this Bitcoin mining centre.

At the time, he had said that by installing Bitcoin mining facilities near the volcanos, mining will be very cheap and 100 percent clean. He had also shared the image of the same location, where his fresh tweet showed the setting up procedures being carried out.

Top Global Bitcoin Mining Machine Maker May Pull Shutters Down on China Sales

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

Bukele is not the only crypto-supporting region leader who is figuring ways to curb carbon footprint that comes along with Bitcoin mining.

Earlier this week, Francis Suarez, the mayor of US' Miami town proposed setting up a Bitcoin-mining facility near a nuclear power plant in Florida state.

As per news website Latest News Today, nuclear energy is on the brink of being recognised as a true environmental, social, and corporate governance (ESG) solution in terms of energy.

The massive energy consumption required by mass-level crypto mining and its harmful impacts on the environment have been worrying many nations including China, Russia, and Morocco among others.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: El Salvador, Nayib Bukele, Geo Thermal, Bitcoin Mining, Clean Energy, Carbon Footprint

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More