El Salvador announces plan to mine bitcoin using geothermal energy produced by volcanoes

RIO DE JANEIRO, BRAZIL – El Salvador’s President Nayib Bukele shared a video showing the apparent progress of the country’s bitcoin mining plant using geothermal power, which produces clean energy from heat generated by volcanoes.

Bukele did not explain details about the process, writing only “first steps” along with the video, as well as citing bitcoin alongside emojis depicting a volcano and El Salvador’s national flag.

The release comes months after Bukele announced plans to build a geothermal bitcoin mining facility in the country. The president in June said he would direct the state-owned power company LaGeo to run a bitcoin mining operation powered by “very cheap, 100% clean, 100% renewable and zero-emissions” energy.

El Salvador officially accepted bitcoin as legal tender on September 7 – the U.S. dollar remains the country’s official currency. The law came into force three months after the country’s Legislative Assembly passed the “Bitcoin Law,” which sparked criticism from the opposition, which wanted further discussions on the topic.

However, the Salvadoran government’s recent move reaffirms the potential for bitcoin proponents to reduce the cryptocurrency’s carbon footprint by using a renewable energy sources, including hydroelectric, solar, and wind power.