El Salvador Begins Plans to Mine Bitcoin with Geothermal Technology

Following the announcement and passing of the bill to make Bitcoin (BTC) a legal tender in El Salvador, the President of the central American country has just disclosed the country’s plan to mine Bitcoin with less emission effective technology.

This was revealed by the President of El Salvador, Nayib Bukele in a tweet about an hour ago. The president stated in the tweet that he had just instructed a geothermal company, LaGeo owned by the country, to commence plans on the mining of Bitcoin as soon as possible. The energy source according to the President’s tweet is 100% clean and affordable as well.

Geothermal energy has to do with utilizing the heat from the earth to generate energy. The heat comes from Volcanoes. There are said to be about twenty (20) volcanoes that are potentially active in the region. A particular volcano in the country is said to have had over 25 eruptions over the last 500 years.

However, the geothermal energy for mining BTC is said to have been suggested to President Nayib during a twitter space session held earlier today.

El Salvador to offer Permanent Residency to Immigrants that Hold 3 BTC

During the Space session, the President noted that anyone with 3 Bitcoins willing to migrate to the country would be offered permanent residency in El Salvador. 

El Salvador will also hold 150 million dollars worth Bitcoin in a trust fund. The President has stated particularly that he isn’t trying to sideline the US dollars as reported by local media, Utoday;

“We are not trying to de-dollarize because it won’t serve us any purpose…It’s gonna help having both currencies as legal tender”