Just days after China started a crackdown on crypto mining, alternatives are coming up. One such alternative is El Salvador.
The Central American country will now start mining Bitcoin using geothermal energy which is 100% clean and renewable energy.
Top engineers in the country have completed the process of developing a geothermal well. It is expected that the well will produce about 95 Megawatts of power. All this energy will go towards Bitcoin mining.
The country has been so proactive in embracing Bitcoin that it is the president directing the move to embrace Bitcoin mining.
President Bukele is the one who asked the company behind the geothermal plant to start facilitating crypto mining.
He revealed this in a tweet where he stated that he had given explicit instructions to the State-owned power company, LaGeoSC, to start the process of BTC mining.
The announcement has attracted praise from top crypto enthusiasts and investors from across the globe.
Commenting on the move, Twitter CEO Jack Dorsey tweeted that the crypto king creates an incentive to produce renewable energy.
These sentiments were shared by Michael Saylor, the CEO of Microstrategy. Saylor stated that mining BTC is a tech that is converting energy into wealth.
The move by El Salvador reflects a growing trend of using renewable energy to mine the leading digital currency.
In the U.S., the Microstrategy’s CEO held a meeting with Bitcoin miners from all of North America. The miners said they would form a council that would help them move towards clean energy in mining in the conference.
Tesla CEO, Elon Musk, attended the meeting. Musk has been one of the fiercest critiques of the use of fossil fuels for BTC mining.