Bitcoin extracted with volcano energy?
The President of El Salvador, Nayib Bukele, accessed twitter to announce that LaGeo, a state-owned geothermal electricity company, has been instructed to submit a plan to extract Bitcoin with volcano energy.
The idea was suggested to Bukele earlier today during a live audio chat on Twitter “Spaces”.
There are about 20 potentially active volcanoes in the country. The Chaparrastique volcano has had more than 25 eruptions in the last 500 years. It is worth mentioning that El Salvador’s geothermal energy is completely clean and renewable.
Image of @nayibbukele
Earlier today, the tropical nation made history by voting to make Bitcoin legal tender. According reported by U.Today, El Salvador now also offers permanent residency to anyone who spends 3 BTC on any product or service within the country.
In addition, El Salvador will have about $150 million worth of Bitcoin in its trust fund.
Bitcoin in El Salvador
El Salvador President Nayib Bukele said on Saturday he would send a bill to Congress next week to legalize Bitcoin in the Central American country, touting its potential to help Salvadorans living abroad send remittances to House.
“In the short term, this will create jobs and help provide financial inclusion for thousands of people outside the formal economy,” Bukele said in a video shown at the Bitcoin 2021 conference in Miami.
Strike, a mobile payments app launched in El Salvador in March, said in a statement that it has welcomed the legislation and is working with the country to make the use of Bitcoin technology a success.
“This is the shot heard around the world for Bitcoin,” said Strike founder and CEO Jack Mallers, who presented Bukele’s video at the Miami conference.