Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

El Salvador starts the first BTC mining farm using volcanic energy, the president shared the video

2 min read
 

Salvadoran President Nayib Bukele shared a video from a BTC mining farm that operates near the volcano. Bukele first mentioned volcano-driven BTC mining on June 9, when he spoke of “95 MW of 100% clean geothermal energy with 0 emissions from our volcanoes.”

The president of El Salvador shared the first video with Bitcoin mining farm

The president of El Salvador shared a video via Twitter stating “First Steps” because it shows how BTC ASIC miners are installed in a geothermal power plant. The video shows containers that bear the logos of the Salvadoran government and a large number of ASICs.

While many BTC supporters said the facility was “impressive,” several Salvadorans complained about energy use. “So there are centers that produce more energy but benefit from BTC. And some people have been waiting for electricity for over 30 years. Why won’t it help those most in need? Hypocrite,” said one of the local users Twitter. Another discussant asked:

“Why is the money to set up power plants for mining and isn’t the money to supply the entire population?”

The construction of the project will cost $ 480 million

In an June interview with Peter McCormack, the Salvadoran president told Peter McCormack that “Salvador is not a country that is recognized as the first in the field of innovation,” but added: “Why not this time?”

While Bukele emphasized during the interview that geothermal energy is “a very, very clean energy source” and that “it has almost no downsides”, the Salvadoran president did not address the issue of specific Salvadorans who do not have access to electricity. At present, the electrification index is at El Salvador 83.4%. El Salvador’s major urban areas have approximately 97% access to electricity, while the country’s rural regions now have an estimate of an electrification index of around 72%.

El Salvador is the largest producer of geothermal energy in Central America, and in July the country was hit by a major power outage. The director of a regional operator entity (EOR) based in El Salvador said:

“The power outage in El Salvador and other regions of Central America cost about $ 18.2 million due to the disruption. The demand we had at the time in the Central American region was around 8,300 megawatts. ”

During a discussion of a BTC mining experiment near the volcano with Peter McCormack, Bukele stressed that the project would be costly. “It will cost $ 480 million, so it will be a legacy for the country as we build BTC-paid infrastructure,” Bukele said. In addition, electricity demand in El Salvador is expected to grow at a rate of 5% year on year each year.

Jerome Powell: The Fed is considering its own digital currency

Leave a Reply

Your email address will not be published.