El Salvador to Use Renewable Energy for Bitcoin Mining
Bitcoin mining requires a considerable amount of energy. As it uses proof-of-work protocol, miners have to use a large amount of power for mining the cryptocurrency. This has raised concern among stakeholders and explains a slow and steady shift in the Bitcoin world with miners slowly moving to more efficient mining methods.
In one such development, El Salvador has approved Bitcoin as a legal tender. According to the country’s president, efforts are in progress to build a cryptocurrency mining firm that will run in a completely sustainable and environmentally friendly manner. There won’t be the use of any geothermal energy which means it’ll boast high environmental credentials.
According to the planning, the new facility for mining Bitcoin will be using volcano energy with an estimate projecting a total of 95MW electricity consumption by the mining firm. The energy will be totally green in nature and having zero negative impact on the environment. This will set the tone for the use of renewable energy in the coming times in the country, not only in the cryptocurrency segment but also across other industries. Preparations have already started in this regard as a well has been dug to channel the volcano energy flow for mining purposes.
Hailing the government’s step as a landmark decision, many famous personalities have lauded the government’s decision to use volcano energy for Bitcoin mining. Michael Saylor and Pomp have congratulated the government on its decision. As both of these personalities are avid supporters of cryptocurrency, it is natural that they are very happy about this development.
Although, on the face of it, the idea of Bitcoin mining using volcano energy makes sense but still, it will be interesting to witness how the general public in the country will react to this new proposition. Also, many skeptics want the country to use this alternative energy source in other processes and industries rather than in Bitcoin mining.