Bitcoin mining has always been seen as a big problem for cryptocurrency. The proof of work nature of BTC makes it a very power-hungry method to mine. This is why miners are slowly shifting to renewable energy resources. And one such huge shift has happened in El Salvador where Bitcoin was recently declared as a legal tender. The president of the country said that they are working to build a Bitcoin mining firm that will run completely off geothermal energy and will be environmental friendly.
Environmental friendly Bitcoin mining
The mining facility build will use 95MW of volcano energy. It will also be completely renewable, emission-free, and has zero environmental impact. That is a really huge number and considering the country where Bitcoin is a legal currency is promoting renewable energy says a lot for its future. Recently, a well was dug that has been designed to channel geothermal energy from the volcanoes for mining.
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 step by the government of El Salvador was appreciated by many famous personalities. One of them was the CEO of Microstrategy, Michael Saylor who is very famous for his large Bitcoin purchases from time to time. We also have Pomp who is the owner of Pomp investments and is very active on Twitter. Both of them are avid supporters of Bitcoin and it makes sense that they are happy about it.
There are many skeptics on Twitter who don’t think even this project is a good idea. While some think that it will not be profitable, others are of the opinion that this is still a wastage. They think it is a better idea to use the same energy and provide electricity to the people of El Salvador. But a citizen clarified that since the energy spot is far away from the place they live in, a lot of energy is wasted during transmission. This makes Bitcoin mining a good idea.
Using renewable energy sources for Bitcoin mining is still not a good idea!
Even though we might think that using renewable energy resources for Bitcoin will be good, that is not the case at least according to some experts. They believe that the same energy could be used elsewhere where it’s more important. This could be like in steel plants, car manufacturing, and other necessities. Altogether these people think any energy used for mining is a waste.
What are your thoughts on the new environmental friendly Bitcoin mining plan in El Salvador? And are you of the opinion that this energy could be used elsewhere? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.