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Does money grow on volcanoes? El Salvador explores bitcoin mining

EL SALVADOR (Reuters) – Salvadoran President Nayib Bukele said on Wednesday he had tasked state-owned geothermal power company LaGeo with developing a plan to offer bitcoin mining facilities using renewable energy from volcanoes from the country.
El Salvador became the first country in the world to adopt bitcoin as legal tender after its Congress approved Bukele’s proposal to adopt the cryptocurrency.
“It will evolve quickly!” Bukele said on Twitter.
The Central American leader’s announcement shed light on the environmental impact of cryptocurrencies, which are virtual coins exchanged without intermediaries, such as central banks, to purchase goods and services.
The process of extracting currency from cyberspace, however, requires large amounts of energy.
Overall C02 emissions from the global bitcoin industry have reached 60 million tonnes, the equivalent of the exhaust fumes of about 9 million cars, according to a March report by analysts at Bank of America.
Later Wednesday, Bukele shared a video on his Twitter account showing a powerful plume of what he said was pure water vapor being blasted into the air from a pipeline.
“Our engineers have just informed me that they have dug a new well, which will provide approximately 95 MW of 100% clean geothermal energy with zero emissions from our volcanoes,” said Bukele.
“Start building a full #Bitcoin mining hub around it,” he added.
Bukele also changed his Twitter profile picture to a modified image of himself with laser blue eyes, a popular internet fad among cryptocurrency supporters.
His previous photo, updated when he announced his intention to send an invoice to legalize bitcoin, showed him with red laser eyes.


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