While China has banned the sale and mining of digital currencies across its borders, other countries have taken different decisions. For example, El Salvador has publicly bypassed bitcoin by buying large chunks of cryptocurrency and even converting them to legal tender since September.
If that wasn't enough, Central America has begun directing federal resources to mine BTC. However, the country's leadership is well aware of the controversy this approach raises - opponents of cryptography often point out how much energy is “wasted” during extraction. Metal pallets must be kept cold to function effectively and also gasify a large amount of electricity separately. Opponents claim that this will accelerate climate change and harm the environment. Produced by the factory "Volcanod". Those plans were first announced in June, but they have become a reality. According to Vice President Buckel’s tweet, early mining rigs have already produced 0.00599179 BTC using volcanic energy – equivalent to about $285 at the current Bitcoin value of $47,556.
ic pic.twitter. com/5u4uR0E8zn- Nayib Bukele @(nayibbukele) Oct 1, 2021
That's clearly not a huge amount, but as Bukele points out, the country is still "testing and validating" mining equipment at Volcanode Is. With that in mind, this number will undoubtedly increase significantly in the coming weeks and months, provided the project does not face any major obstacles - politically or financially. Bitcoin is a huge advantage for the crypto community. For fans of this coin, it proves that the coin token can and should be taken seriously, despite the ongoing regulations and the controversy surrounding it.
We are waiting to see how the El Salvador Volcanode project progresses over time. If you achieve significant results in the future, rest assured that we will let you know.
Bitcoin mining project by El Salvador volcano generates its first coin