El Salvador releases ‘sneak peek’ of volcanic Bitcoin mining

The government of El Salvador has announced that it will start to export valuable hydrocarbons from its volcanic territory. This is great news for the government’s move towards a sustainable economy.

A couple weeks ago, the island of Pacaya in Guatemala sat on top of a massive volcano. For the past month, the magma has been burping and fizzling, and the National Institute of Seismology & Volcanology (INSOVEL) has been supplying the press with regular updates. The latest, released this morning, gives a brief overview of what’s happening at the volcano, and in particular, the molten rock that’s been burping and fizzling at the surface for the past month.

Bitcoin mining is a process by which transactions are verified and added to the public ledger, known as the block chain, and then the process is repeated for a set number of blocks. The verification process requires a great deal of computer processing power and is the primary reason for the need for the huge amount of electricity needed for the mining process to continue.. Read more about what is mining bitcoin mean and let us know what you think.

El Salvador has revealed a sketch of volcanic bitcoin mining.

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Bitcoin ‘ El Salvador ‘ Mining

The country has proposed using geothermal energy, generated by volcanoes, to power mining companies. It could look like this.

Shaurya Malwa – 23. 20 June 2021 at 8:00 UTC – 1 min read

Volcanoes have long been drawn as a method of destroying nature. But El Salvador’s ambitious new plan places them at the center of a comprehensive solution: Mining bitcoins with renewable, clean and green energy sources.

Proof-of-work cryptocurrency mining uses a massive computer system that performs millions of complex calculations per second to validate transactions on networks like bitcoin.

However, this is due to the huge demand for energy. And since much of the energy used in many mining centers is generated by coal or other carbon sources, bitcoin’s overall environmental footprint has been repeatedly questioned.

Do you want Bitcoin to be mined from a volcano?

The planned volcanic mines in El Salvador could make a difference. The unusual plan uses geothermal energy to generate electricity, which in turn can power mines. It adds to the country’s broader ambitions to integrate bitcoin into the economy (El Salvador even became the first state to legalize the asset earlier this month).

The plan is progressing rapidly. In a tweet this morning, Salvadoran President Nayib Bukele posted images of what the proposed volcanic mine might look like. A clean, volcano-powered hashtag will be available soon, he wrote.

Pure Hashrate on Vulcan is running fast….. #Bitcoin♻️

Sneak peek pic.twitter.com/u7ocqkKTN0

– Nayib Bukele (@nayibbukele) June 23, 2021

Earlier this month, Buchele said local engineers had already laid the first foundation on which the center would be built. Our engineers have just informed me that they have drilled a new well that will provide about 95 MW (energy). …. We are starting to design an entire bitcoin mining center around this technology, he said at the time.

This development comes amid an exodus of miners from China, which is currently the world’s largest mining hub for cryptocurrencies. The country’s government is known to be negative towards cryptocurrencies and said last month that it would eradicate all forms of trading and mining of cryptocurrencies in the region.

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