El Salvador 🇸🇻 is using geothermal energy (volcanos 🌋) to mine Bitcoin.
It's mine blowing. Especially with the world energy crisis's looming effects.
Today the president of El Salvador has successfully implemented the use of renewable energy through volcanoes to mine Bitcoin, just as China pulls out and bans the use of all cryptocurrency, making it anyone's game for profitability. El Salvador is the first to do it, but there are many countries that could take advantage of this method of mining such as Iceland, Italy, and Chile.
El Salvador's move into volcano-powered bitcoin mining makes the case that bitcoin can act as an accelerant to renewable energy development. Geothermal energy is renewable, it's clean, and in some places, it makes use of a previously untapped resource. https://t.co/4GaTaDQqbS pic.twitter.com/RsIIwYKd7F— CNBC (@CNBC) October 1, 2021
Consider that El Salvador is a developing country and 70% of its citizens don't have access to a bank account or any monetary network, they and hundreds of other countries rely on a cash standard like first world countries and MEDC's did decades ago. El Salvador is setting the standard for global independent finance.
What's more is that El Salvador could be the first country to institutionalise Bitcoin's lightning network, a quicker, more reliable way of sending Bitcoin that's also free.
This is the Bitcoin El Salvador has earned so far.