El Salvador begins extracting bitcoins with energy from volcanoes
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For the first time in the country, El Salvador mined 0.00599179 bitcoins, or about $269, with the energy extracted from the volcano. Bukele noted in his Friday tweet that the mining project is still in progress and that they are in the process of “testing and installing” new mining equipment.
President Neb Bukele, who has staked his political future on a nationwide bitcoin-related experiment, tweeted Friday morning that this is the country’s first trip to mine bitcoin using volcanoes.
On Tuesday, the president released a 25-second video, including footage of a government-branded shipping container filled with bitcoin mining equipment, technicians installing and hooking up ASIC mining equipment, as well as extensive aerial footage of a power plant in a forest next to a volcano.
This entry into the mining space comes just weeks after El Salvador became the first country to announce a legal tender for bitcoin.
As part of the startup, the government added hundreds of bitcoins to its balance sheet and launched its own national virtual wallet called “Chivo”, or “cool” in Salvadoran slang, which offers commission-free transactions and enables fast cross-border payments.