Pictures via Lemberg Vector Studio / Shutterstock.com
Earlier this week, El Salvador became the first country to recognize Bitcoin as a legal tender. This means that Bitcoin is convertible into U.S. dollars and has the same legal status in the country.
By ZDNet, nationwide, product prices can now be displayed on Bitcoin, and all merchants must accept cryptocurrency as a means of payment. Even citizens ’tax payments can be made in Bitcoin, and cryptocurrency exchanges are no longer taxed.
“About 70% the population does not have access to traditional Financial Services … the state has a duty to facilitate the financial participation of its citizens in order to better guarantee their rights, “according to the law.
Now, President Nayib Bukele hopes to take advantage of cryptocurrency mining by creating renewable equipment using the country’s… volcanic electricity.
As per a Tweet, Bukele is working with a state-owned geothermal power company to draw up plans for these plants, which would make Bitcoin mining cheap, renewable and 100% zero-emission.
“Engineers just informed me that they were digging a new well that will produce about 95 MW of 100% pure 0-emission geothermal energy from our volcanoes. We’re starting to plan around the full # Bitcoin mining center, ”he said in another tweet.
Our designers told me they just dug a new well that will produce about 95 MW of 100% clean, 0-emission geothermal energy from our volcanoes 🌋
Let’s start planning the full #Bitcoin mining pole around it.
The water coming from the well is pure water vapor 🇸🇻 pic.twitter.com/SVph4BEW1L
– Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021