TL; DR failure:
- The El Salvador government used volcanic energy to extract 0.0059 bitcoins
- The president says they are testing and working to install more ASIC miners.
The government of El Salvador has succeeded Extracted Some bitcoins using energy generated from the volcano. The Central American country is known for generating a lot of geothermal energy and will use it to extract more bitcoins, following a recent tweet from Vice President Buckle.
El Salvador extracted 0.0059 BTC with geothermal energy
As of September 30, the country has mined 0.0059 BTC, which is equivalent to $ 281 at the current price of $ 47,648 per coin. El Salvador plans to produce more bitcoins in the future, as the president noted: “We are still testing and installing, but this is officially the first bitcoin extraction from the volcano.”
Earlier, Bukele shared a teaser video of several ASIC miners being delivered and installed in the country. He also told a El Salvadorian geothermal energy company to “submit a plan to facilitate the extraction of #bitcoin with very cheap energy, 100% clean, 100% renewable and zero volcanic emissions.”
On September 7, El Salvador became the first country in the world to select Bitcoin as a legal tender. Despite opposition to the move, the government remains keen on cryptocurrencies. Recently, the country launched Bitcoin ATMs and also increased its bitcoin reserves to 550 bitcoins, which are currently worth more than $ 26 million.
Bitcoin acceptance is also expanding across the country. Recently, Ramzifa reported that the official Chivo wallet is currently used more than local banks in the country. Currently 2.1 million Salvadores are actively using the Bitcoin wallet. Bitcoin payments are consolidated using the Lightning Network, a layer 2 scaling solution based on the Bitcoin blockchain.