El Salvador Introduces BTC Mining Using Volcanic Power
Nayib Bukele, the Salvadorian president, announced that the nation began BTC mining using volcanic power. He declared that they are in the process of experimenting and installing the services. But the country officially started Bitcoin mining activities.
Meanwhile, president Bukele declared clean BTC mining as one of his crucial missions. He stated that when El Salvador Congress accepted the Bitcoin law in June. Nevertheless, the hype and controversy that Bitcoin experienced overshadowed the country’s volcanic mining plans. Now that El Salvador completed it, the nation might solve its financial challenges with the new revenue stream.
El Salvador made a historic move during September’s initial week after adopting BTC as an official currency. Though with the ups and downs, the president holds in the light at the end of the tunnel. Some analysts believe that it is a usual thing in the crypto world.
Despite the bumpy start on the launch day, Chivo, the nation’s digital wallet, has seen more than 2.7 million downloads in one month. BTC remittance in El Salvador also climbed to one million dollars on a day. Such developments suggest heightened BTC adoption by the citizens despite the protests and backlash by the media.
El Salvador to be a Clean Bitcoin Mining Hub
The crypto ban by China seems to boost the increasing cleaning BTC mining demand. With that, El Salvador might be the next hub for Bitcoin miners. As Kazakhstan plans a temporary crypto ban because of electricity shortages, El Salvador might take it as an opportunity to attract new cryptocurrency miners. The nation can utilize the mined assets for its wellbeing. The mining industry can also open job opportunities to Salvadorians besides the revenues, thus a win-win case.
El Salvador has made multiple crypto moves after making Bitcoin a legal tender. For now, citizens in the nation can use BTC along with the dollar for their payments. Also, the country bought the BTC dip, holding more than 400 BTC at the moment. Moreover, Nayib Bukele declared the country’s plan to purchase more coins during price dips.
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