El Salvador and bitcoin are two terms that are heard together these days. The Central American country made a historical move that will go down in the history of crypto as a milestone movement. The country recently announced the acceptance of bitcoin as legal tender, thereby becoming the first country to carry out this feat. In the midst of the dip and crypto prices dropping like leaves during autumn, the move by the country carries great magnitude and significance.
Once again, El Salvador has made news with the announcement of using geothermal energy attained from volcanoes for the mining of bitcoin. In a context where the high energy-intensive methods used for mining caused quite a riff leading to the drop, this comes as a saving grace, taking away a major black mark off the list.
I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋
This is going to evolve fast! 🇸🇻 pic.twitter.com/1316DV4YwT
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
The Tweet by El Salvador President, Nayib Bukele has managed to turn quite a number of heads. According to the president, the new and quite innovative initiative will provide 95 MW of geothermal energy with zero emissions, in addition to being 100% clean.
Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos 🌋
Starting to design a full #Bitcoin mining hub around it.
What you see coming out of the well is pure water vapor 🇸🇻 pic.twitter.com/SVph4BEW1L
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
This might prove to be a groundbreaking move that will add laurels to bitcoin history, and inevitably ensure a brighter future. The timing of the announcement is rather sharp, particularly in a context where bitcoin prices are falling, and with that the hopes of those who invested in the same.
Quite unsurprisingly the Tweet received a lot of attention, and people have a new topic of interest to discuss on Twitter. While some are quite enthusiastic about the innovative move, there a good number who are skeptical about the same. Only time can tell who will be proven right in the long run. However, it cannot be denied that in a rather critical context where bitcoin is facing quite a lot of backlash over its negative impact on the environment, the announcement by the El Salvador president has helped in diluting the criticisms, letting in a new perspective that can be groundbreaking.
Ever since the Tweet, Twitterati has not rested and has been flooding the platform with responses and opinions, which open up a spectrum of perspectives and insights.
Here is a set of responses from Twitter.
While this new move might be an answer to various questions, some sharp questions are also being raised.
@elonmusk what are you doing for Bitcoin?
— Austin (@TheAustin24) June 9, 2021
Oh wonderful idea when the history of bitcoin is going to written after years it's going to start with your name.#BTC
— Crypto Assassin (@CryptoAssassi11) June 9, 2021
Finally, a ray of hope amidst chaos for the miners.
— Btc Padre (@BtcPadre) June 9, 2021
Absolutely amazing fast progress…. You just discussed this idea less than 24 hours ago !!
Global politicians should learn a thing or two here 🙌🏻🙌🏻
— Debasish Das (@deba215) June 9, 2021
Somebody has to take the bitter pill after all.
— Gabor Gurbacs (@gaborgurbacs) June 9, 2021
— Calkob (@Hodl8333) June 9, 2021
This is the first time in human history where economic incentive to develop renewables may actually just work
— Analytics4Bitcoin (@BTCAnalytics) June 9, 2021
Its applause everywhere for the president.
I love how you keep surprising us with your wise decisions–always for the better.#Ginius
— Alexa🦚 (@Alexa_Alexa____) June 9, 2021
Looks like Bitcoin is finally going to get experience bright sunshine after a disastrous downpour.
— SIR STACKS 🌋 LOT (@Flip19376230) June 9, 2021
And this is the beginning of a new relationship. Between volcano and crypto, and let’s hope it is successful.
— Conor 🌋 + ⛏️ = ₿ (@Cocopoppyhead) June 9, 2021
Perhaps it is time to change from laser eye to something volcanic.
Need this GIF with a volcano in the background. pic.twitter.com/CHPEhWy9RL
— Derek Ross 🌋 (@derekmross) June 9, 2021
Every coin has two sides though.
Great point. It's high time we banned volcanoes worldwide.
— Red Planet (@MarsMooner) June 9, 2021