The president of El Salvador says the country is exploring using geothermal energy from volcanoes to mine bitcoin following its decision to make the cryptocurrency legal tender
Camilo Freedman/SOPA Images/Getty Images
El Salvador's president Nayim Bukele announced his country is exploring using volcanic energy to mine bitcoin.
- The move comes after El Salvador made bitcoin legal tender via a supermajority decision.
- Bitcoin's price jumped roughly 10% on Wednesday to trade around $36,000.
AdvertisementEl Salvador's president Nayim Bukele took to Twitter on Wednesday for yet another big bitcoin announcement.
This time, Bukele said that he has instructed the president of the country's state-owned geothermal electric company, LaGeo SA de CV, to "put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos."
The move comes after the country passed a law to make bitcoin legal tender on Wednesday via a supermajority (62 votes out of 84 possible).
Bitcoin's price rose roughly 10% on Wednesday to trade around $36,000 per coin after the bullish news broke.
Bitcoin mining's energy-intensive nature has led critics to question its environmental impact over the past few years.
According to data from Cambridge, the bitcoin network's total energy consumption represents about 0.53% of total global energy consumption, and more than 85% of the energy consumed is used in the mining process.
Critics have argued bitcoin mining could exacerbate climate change, while others, including Cathie Wood of ARK Invest, have said that bitcoin's power use will only help boost the adoption of renewable mining and solar power.
In other crypto news, Coindesk reported Chinese consumers are currently unable to search for popular cryptocurrency exchanges including Binance, OKEx, and Huobi on popular Chinese search engines in a sign of potential censorship.
China has been cracking down on cryptocurrency mining for some time, even going so far as to block the social media accounts of prominent crypto influencers over the weekend.
Last month, crypto miners were forced to halt operations in China after the country implemented tighter regulations. Chinese government officials have previously stated they would target the crypto industry to try to reach net-zero emissions by 2060.
AdvertisementFor a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon
Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works
Is a ban on cryptocurrencies even possible?
Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies
Popular on BI
- WhatsApp introduces the “Message Yourself” feature, working on voice status updates and more
- Live your life American Express’ Platinum way: Exceptional privileges, rewards and experiences
- I'm a 56-year-old IT worker who got laid off last year and have been unemployed ever since. I have a hunch I'm not finding work due to ageism. How do I prove it?
- Rupee gains 34 paise to close at 81.38 against US dollar
- Essar Oil UK to build carbon capture facility
- Samsung India will hire 1,000 engineers from top institutes for R&D units
- Slower rate hikes on the cards, say analysts ahead of RBI’s December monetary policy meet
- Paytm’s pioneership in payments strengthens with over 5 million device deployments