The crypto community is paying keen attention to El Salvador, as it takes giant strides towards the implementation of crypto-friendly policies. The country has already started accepting Bitcoin (BTC/USD) for payments, and President Nayib Bukele is making another statement in the industry.
He recently showed a short video that revealed El Salvador’s plans for Volcanic Bitcoin mining.
First steps…
??#Bitcoin???? pic.twitter.com/duhHvmEnym
— Nayib Bukele ???? (@nayibbukele) September 28, 2021
‘First steps’ towards becoming a ‘volcanode’
The El Salvadorian government wants to take advantage of the abundant amount of energy generated by its volcanoes to mine Bitcoin. The video shows Bitcoin mining rigs situated at a geothermal power plant that uses energy generated from the country’s active volcanoes.
Bukele didn’t provide complete details about the project, but said the project had already taken its “first steps,” towards becoming a “volcanode.”
El Salvador’s Bitcoin policies receive strong criticisms
Crypto enthusiasts have shown their excitement on Reddit, with one saying El Salvador’s move could make the country the richest in the world.
However, not everyone is impressed with the development. Some government officials and businesses in El Salvador are kicking against plans to pay employees in Bitcoin. Many of them argued that abandoning the usual fiat USD payment for Bitcoin is a catastrophic economic move.
When El Salvador announced the adoption of Bitcoin as a payment method in the country, it received a lukewarm reception within the borders. Many have expressed concerns over the volatility of the crypto asset, with opposition leaders providing the major criticisms to the policy.
Many of those that criticize the Bitcoin policies believe that the adoption of the token would fuel more money laundering activities in the country. However, the government is still focused on its plans for Bitcoin, despite the criticism.
Bitcoin became a legal tender on September 7, and Bukele started setting up clean Bitcoin mining operations a week later.
He explained that the new rigs will “provide approximately 95MW of 100% clean, 0 emissions geothermal energy. The news will be a lift to the crypto community after Bitcoin suffered a slight retracement following China’s mining ban.
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