With how popular cryptocurrencies have managed to become in recent years, countries are having a difficult time just ignoring it. While most countries have gotten by without having to think too much about it, that is no longer the case. Bitcoin recently jumped over $60,000 in value and the entire market has a total capitalization of over $2 trillion. With numbers like those, it is obvious that the market will not be disappearing overnight.
Many countries have reacted differently to this rise in popularity. Some like China have decided to ban it all together. So whether companies are mining cryptocurrencies or hosting them through exchanges, they had to leave the country entirely. This year experienced one of the largest migrations of companies outside of China to other countries that were more lenient. And despite their best efforts, the Chinese government was not even able to slow down the bullish moves made in recent weeks.
However, countries like El Salvador decided to go the other route and made the poster child of the market its secondary tender. This decision went down in history as the turning point for cryptocurrencies. By El Salvador accepting it as a valid currency, it gave the entire market the validation that it deserved.
The president at the time even introduced a variety of measures to make the transition from fiat currencies to cryptocurrencies much easier. And other than becoming the first country in the world to accept cryptocurrencies, they might soon become the first country to have sustainable crypto mining as well.
One of the major reasons why China banned cryptocurrencies in the first place was that mining was causing too much pollution. And even though that is true, the only reason that mining has a carbon footprint at all is because countries still use nonrenewable sources to generate electricity. But if countries were to generate electricity through renewable sources, crypto mining could be completely green. And with El Salvador making preparations to generate electricity through more renewable sources, they could finally prove this theory to be true.
The president of the hydroelectric executive commission in El Salvador said that the country has the potential to generate electricity through renewable means. They have the tools necessary to produce tidal, wind, solar, and even hydroelectric power. The president even said that all that they will need is the willpower to get these projects off the ground.
And if El Salvador is able to manage these projects, it will officially become the first country to produce greener cryptocurrencies. And with time, it is becoming apparent that they will hold their end of the bargain.