El Salvador, having become the first country ever to officially accept Bitcoin on 7th September 2021, is now focused on reviving the state economy.
El Salvador’s adoption of BTC was marked by a sudden drop in value of the largest digital asset. As Bitcoin dropped from $52,000 to $43,000, Salvadorans lost about $3 million (~£2.1 million) of their savings in just one hour.
Following this tough legalisation of the first cryptocurrency and the subsequent campaign aimed to attract crypto businesses to the country, the government now intends to focus on the development of a novel BTC mining enterprise operating on volcanoes’ geothermal energy.
El Salvador’s innovative president Nayib Bukele posted on Twitter a series of photos dedicated to the creation of the country’s first enterprise focused on the mass mining of the first cryptocurrency. The key point is that the operation of all mining equipment will be fully supported by geothermal energy received from volcanoes.
According to media reports, Nayib Bukele revealed some details of the ambitious project on Twitter back in June 2021. Originally, the idea was proposed to the president during an audio conversation in Twitter Spaces.
El Salvador has come a long way towards becoming the global ‘king’ of BTC. On 7th September, the country finally adopted the first cryptocurrency as legal tender. A plethora of challenges awaited El Salvdor, yet the country is now striving to rise like a phoenix. The plan is to use volcanoes to generate energy needed for BTC mining. The best of luck, El Salvador!
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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