Mining News

El Salvador begins mining bitcoin using volcano power


Nayib Bukele president of El Salvador tweeted on Friday that his country has produced the first ever volcano powered bitcoin. It was described as”volcano” after he posted a video on his Twitter account earlier this week of what appeared to be Bitcoin mining equipment. In the last week, Bukele posted a photo of his country’s successful mining of 0.00599179 Bitcoins, or approximately $280. The president stated that El Salvador is “still testing and installing” the geothermal system, but he also said that the process is now with a fervor.

A mining rig checks transactions with virtual coins with high-performance computers. The rigs use a large amount of energy and have caused environmental issues particularly in areas such as China that rely on emission-intensive energy sources, like coal to produce electricity.

The price of Bitcoin plunged earlier this year when Tesla President Elon Musk stated that his company, in light of environmental issues, will no longer accept Bitcoin to purchase vehicles. In the meantime, Musk said he thinks Bitcoin has a bright future, but it shouldn’t cause harm for the planet. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk stated. “Tesla will not sell any Bitcoin and we plan to utilize the currency for transactions once mining switches to more sustainable energy sources. We’re also considering other cryptocurrencies that utilize 1 percent of Bitcoin’s energy/transaction.”

Volcano-generated energy is one answer to the environmental problems that come with the production of Bitcoin and other proof of work cryptocurrency. In 2019, the new president will take office. Bukele 40 year old businessman with a high-tech background, has made media attention for his plans to make use of Bitcoin to help transform his poor country.

Bitcoin was declared a legal currency within El Salvador in June, being added to with the U.S. dollar as one of the nation’s currencies. This is a major moment for cryptocurrency that was viewed by many economists as just a temporary trend some years ago.

In the course of its Bitcoin rollout that got off to a rough beginning, El Salvador introduced digital wallets dubbed Chivo meaning “cool.” Bukele’s administration hopes Salvadorans will use Chivo to purchase products and services as well by establishing numerous Bitcoin ATMs across the country. All over the country. The government also gave users of Chivo across the country. Chivo system $30 worth of free Bitcoin. According to the official, the use of Bitcoin to transfer money reduces the cost of sending money and is a more cost-effective method to transfer money.

The sharp rise in Bitcoin’s price on Friday is likely to be due to comments given by U.S. Federal Reserve Chairman Jerome Powell the day before. Powell has calmed the nerves of investors by saying to the public that his central bank doesn’t intend to ban cryptocurrency or take actions similar to those adopted by China.

Read More : Nayib Bukele : We Bought 400 Bitcoins (BTC)

Leave a Comment

Your email address will not be published.

You may also like


VR Founder Says Bitcoin Is Ponzi Scheme


The person who started the VR field stated that Bitcoin is merely a component of the Ponzi scheme, and not anything else since it’s lucrative for early investors, and less so for late Investors.

In an interview on The Lex Fridman podcast, the founder of Virtual Reality Field, Jaron Lanier, spoke about his negative opinion on bitcoin.

As per Jaron, Bitcoin is profitable for those who invested for a long time or early in the process. Early investors make massive profits, while other late investors made less money.

Jaron’s a Computer scientist, the way he approached it was from an engineering point perspective and stated that Bitcoin’s network with wealthy investors to investors with low income as well as gambling, is closely linked to it. He stated that Bitcoin is a major part of the market, but it’s…

View More Article

Psychology Relationships in Cryptocurrency Trading


Psychology Relationships in Cryptocurrency Trading – Each time you complete another Bitcoin transaction, you’ll be influenced by a strong inner belief system. When you click the button to buy or sell and confirm your goals and perception of your self-worth.

If you get a dose of news that is bullish (bearish) news your financial situation, as well as your self-esteem, could impact. You may overreact and cause you to trade excessively or hesitantly. A fundamental comprehension of the mentality behind Bitcoin trading can help you ensure that your investment and trading strategy is stable.

What is the Psychology In Trading Cryptocurrency?

The psychology of trading is an internal condition of self-awareness, determination, self-esteem and self-control, and a sense of accountability. It affects all aspects of your investment and trading activities and your decisions.

The psychology of…

View More Article

Elon Musk Urges Dogecoin Community To Run Own Nodes


In the past, a DogeCoin developer advised the community to upgrade the node to decrease Doge transaction fees, and also to expand the efficiency of the network.

On October 13, 2021, Shibetoshi Nakamoto ( Billy Markus) the developer of DogeCoin who has left the DogeCoin project, is no longer part of the DogeCoin project, took to Twitter to ask members of the DogeCoin community to help support the DogeCoin network with the latest update of nodes.

Shibetoshi Nakamoto ( Billy Markus)

Shibetoshi tweeted that he would like to maintain the transaction and data of the blockchain system, the running of nodes is a crucial aspect. And it would be better if DogeCoin community members upgrade their nodes to 1.14.4.

Shibetoshi stated that 1.14.4 nodes will be able…

View More Article

Russia Has No Intention To Ban Crypto Like China


The Deputy Finance Minister of Russia confirmed that they are not gonna ban Crypto and also they believe that Blockchain has better potential in the future of Russia.

In the past, many politicians of Russia trolled crypto and crypto related businesses and their statements were showing an indication that the Russian government may ban crypto permanently. But the latest statement by a Russian official gives a better vibe for the crypto community of Russia.

According to a local media report, The deputy finance minister of Russia, Alexey Moiseev, stated that they have no plans to ban crypto totally like China. further added

“At the same time, citizens can buy (cryptocurrencies) and use wallets outside the Russian Federation. So it will remain so, I think. There are no plans to change anything.”

So people have…

View More Article