As a way of revolutionizing bitcoin, El Salvador has is looking into drilling tunnels into the country’s volcanoes to generate energy for cryptocurrency mining. The country is aiming to build geothermal mining stations as bitcoin becomes the legal tender of cryptocurrencies. El Salvador became the first country in the world to accept bitcoin as a legal tender at the start of this month.
The country’s president, Nayib Bukele addressed the new bitcoin law on Twitter and stated that this is something that will evolve fairly quickly. The president has ordered the nation’s geothermal energy sector to create tunnels to channel power to bitcoin mining hubs from the country’s twenty-two major volcanoes.
Bukele has been keeping the countrymen informed about the latest plans of using volcanic powers to support bitcoin mining hubs on Twitter. He informed about the first well that the engineers successfully dug for the volcanoes.
The volcano wells are estimated to provide 95 million Watts of 100% clean and zero emissions geothermal energy for the mining hubs. The environmentally friendly aspect of this step is garnering the favor of many people who initially opposed this idea.
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A full bitcoin mining hub will be designed around the geothermic well. This initiative has the potential to bring the country excess revenue of over $250 million per year. This was an estimate made by George Kikvadze of the Global Blockchain Business Council.
George Kikvadze addressed the president and provided a clear breakdown that 95 million watts can generate three exhashes which amounts to over 600 bitcoin in revenue every year. He further stated that he is confident that this initiative will prove to be credible for investors and can also take care of IMF for good.
IMF will be the first to leave the industry if El Salvador’s bitcoin mayhem goes as planned because bitcoin was created to destroy the central bank.
El Salvador can further develop Volcano Bonds and float them to help the country financially. The Volcano Bonds can be backed by bitcoin futures mining which will help in retiring IMF loans. This decision by El Salvador, while appreciated by many, also received negative commen
