El Salvador sets up bitcoin mining equipment at geothermal plant

License: CC0 Creative Commons

September 30 (Renewables Now) - The president of El Salvador, Nayib Bukele, this week posted a video, which briefly shows workers delivering and installing cryptocurrency mining equipment at a geothermal power plant.

“First steps … #Bitcoin,” Bukele said in a tweet.

Earlier in September, El Salvador became the first country in the world to make bitcoin legal tender, and introduced a digital wallet for citizens to use for transactions.

The plans to use a geothermal plant to power the energy-intensive process of bitcoin mining were announced by Bukele in early June. The president at time said that the country’s state-owned geothermal electric company had dug a well that will provide some 95 MW of power from volcanoes for the mining.

Global bitcoin mining has consumed some 99.1 TWh so far this year, according to a tracker by Cambridge Bitcoin Electricity Consumption Index. To put this figure into perspective, that is more than what the nation of the Philippines consumed, the university states.

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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