President of El Salvador, Nayib Bukele recently posted some mining numbers to Twitter. The country’s volcanic mining facility appears to have produced its first Bitcoin.
Bukele revealed that the volcano’s gains are still modest. The president seemed still enthusiastic about the project, showing his new numbers and a single heart emoticon.
The facility had not received any bitcoin payments at the time of this posting. The image did show 0.004 bitcoin in pending payment and 0.006 bitcoin ready to be mined. The facility was expected to receive approximately one-hundredths of a bitcoin, or $470 US at today’s prices.
“We are still testing and installing,” said Bukele. “But this is officially #Bitcoin mining out of the #volcanode.”
A video of the volcanode was shared by the president a few days back, which included an aerial view of his new mine. The footage featured electricity generated by the volcano, along with a man setting up a series ASICs. He called the reveal “First steps”, and it received a lot of positive feedback on Twitter.
Bukele also received congratulations today from Michael Saylor, a well-known Bitcoin HODLer.
HODLing and mining that are environmentally friendly
This new facility is part of El Salvador’s apparent attempt to HODL as many Bitcoins as possible. The nation bought 150 more bitcoins less than two weeks ago, bringing its total to 700. This was just days after the country became the first to legalize bitcoin as a payment method.
This method of mining is also environmentally friendly, as it uses the untapped energy in the volcano without any carbon cost. Many people have criticised Bitcoin’s proof of work system as being too energy-intensive and harmful to the environment. The environmental damage caused by the largest cryptocurrency are exaggerated. Nearly half of all hashpower is generated from renewable sources.
Even Elon Musk admits that Bitcoin is becoming more sustainable, despite him having stopped accepting Bitcoin payments in May because of climate concerns.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.