Bukele tweeted that 0.00483976 bitcoins, currently worth around $230, had been mined. Bitcoin rose nearly 10% to $47,485 (approximately Rs 35 lakh) that day at 7 am (ET).
— Nayib Bukele ???????? (@nayibbukele) October 1, 2021
Several tweets and comments regarded it as a great achievement.
— (@CryptoHodlhodl) October 1, 2021
Using renewable Volcano energy to mine bitcoins means that the process of extracting coins from blocks of data in the network will reduce the amount of carbon. According to Cambridge’s Bitcoin Electricity Consumption Index, bitcoin mining typically consumes more electricity a year than in the Philippines.
“We are still testing and installing, but this is officially the first #Bitcoin mining from #volcanode,” the president said.
Bukele said El Salvador had also taken steps toward launching its own bitcoin Volcano project, in an announcement on Twitter earlier in the week.
The president first said in June that he would ask the country’s state-owned geothermal electric company, LaGeo SA de CV, to create a 100% clean bitcoin mining plan using energy from Volcano.
El Salvador made bitcoin a legal tender in September. The rollout began on September 7 after 400 bitcoins were bought in the country. However, at that time there was fierce opposition in the country. Protests were seen from place to place regarding this. Due to this, it had an effect on everything related to cryptocurrency, not only bitcoin at that time. At that time the price of cryptocurrencies had come down. But since then the crypto market again picked up its pace. On Monday, bitcoin opened with a slight decline compared to Tuesday. On October 4, the price of bitcoin in India stood at Rs 37 lakh at 11 am (IST).