El Salvador has started mining bitcoin with volcanos

Quick Take

• El Salvador has mined some bitcoin using geothermal energy, according to its president.
• The set up is still being tested and installed but some bitcoin is already trickling in.

El Salvador has officially started using volcanos to mine bitcoin, according to its president Nayib Bukele. So far, it has mined 0.0059 BTC, worth $260.

“We’re still testing and installing, but this is officially the first Bitcoin mining from the volcanode,” tweeted Bukele, providing a breakdown of the mining rewards so far.

The bitcoin is being mined using geothermal energy generated by volcanos in the region. The country heavily relies on geothermal energy and is one of the top producers of it in the world.

This comes after Bukele tweeted a video on September 28, which showed mining rigs being delivered and set up in the facility in El Salvador. In the video you could see ASIC miners being installed and plugged in.

Last month, El Salvador became the first country to make bitcoin legal tender. It has also created the Chivo wallet for citizens to access the Bitcoin network and make payments. It gave out $30 of bitcoin to anyone who signed up.

Contributed by The Block.