According to CNBC, El Salvador’s plan to mine Bitcoin (BTC) using volcano power is accelerating the top cryptocurrency’s ambition to speed renewable energy development.
As a result, this strategy increased Bitcoin’s carbon footprint, making crypto mining more environmentally friendly.
El Salvador’s entrance into volcano-powered Bitcoin mining shown that Bitcoin may be a catalyst for renewable energy growth. Geothermal energy is renewable, clean, and uses a previously undiscovered resource in some areas.
El Salvador’s president, Nayib Bukele, tweeted a video to his Twitter account late last month with the description “initial steps” and a volcano emoji, indicating that the country has begun its effort to use geothermal energy from volcanoes for bitcoin crypto mining.
As seen in the video, El Salvador, the first country to adopt Bitcoin as legal cash, is building a new volcanic geothermal Bitcoin mining plant.
Investing in long-term cryptocurrency mining
According to Bradley Rettler, a University of Wyoming philosophy professor:
“Every Bitcoin miner decreases the profitability of all others. Every miner using renewable energy decreases the profitability of all the ones using carbon-based energy. So, if you want Bitcoin to be greener, invest in sustainable mining.”
El Salvador mined 0.00599179 BTC (about $269) using power generated by a volcano at the beginning of this month.