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El Salvador mines its first “volcanic” bitcoin

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President Nayib Bukele announced El Salvador has officially mined its first bitcoin through volcanic energy.

After the government passed the Bitcoin Law, El Salvador is showing no signs of stepping back from its initiative. President Bukele shared the news on its Twitter account, and the post didn’t go unnoticed.

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“We’re still testing and installing, but this is officially the first Bitcoin mining from the volcanode.”

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Earlier this week, the president talked about the progress made by El Salvador to power Bitcoin mining with volcanic energy. The tweet showed a short video of state-owned geothermal electric company LaGeo working to power mining devices.

The country has 20 potentially active volcanoes and 22% of the energy is supplied by them. While Bitcoin mining has been criticized for its negative environmental effects, geothermal energy can solve the problem and guarantee clean energy.

Things are changing fast in the Central American country. After establishing 201 ATMs in only a month, it now ranks third in Bitcoin ATM installations. Positioned after the United States and Canada, El Salvador holds 70% of the total amount of crypto machines in the continent.

Bancoagrícola, the largest bank in El Salvador, also announced back in September that it is now accepting Bitcoin payments from its clients.

They can use the virtual currency to pay for credit card debts, mortgages, and other services. To integrate the new solution into its network, Bancoagrícola collaborated with Flexa.

“We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion.”

Flexa will also be part of Bancoagrícola’s network of PoS, which will permit clients to receive Bitcoin payments. The bank has over 1,000 customer attention points in El Salvador and counts about 5,400 employees.


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