Bitcoin to Get Mined Using Volcanoes in El Salvador

18 September 2021 | Updated: 18 September 2021

President of El Salvador Nayib Bukele recently revealed that the country is exploring ways to mine Bitcoin using energy from its volcanoes.

The charismatic leader announced via Twitter on Wednesday, noting that:

“I’ve just instructed the president of La Geo (our state-owned geothermal electric company) to put up a plan to offer facilities for bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanoes. This is going to evolve fast.”

Bukele added in another tweet that:

“Our engineers just informed me that they dug a new well that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos. Starting to design a full bitcoin mining hub around it. What you see coming out of the well is pure water vapor.”

The crypto community celebrated the new announcement from President Bukele and saw it as a bullish factor in the benchmark cryptocurrency.

Tens of thousands of Twitter users flooded the tweet by the president, praising him for the pro-Bitcoin stance. Among the commenters was Twitter CEO Jack Dorsey noted that “Bitcoin incentivizes renewable energy.”

Microstrategy CEO Michael Saylor noted that “Bitcoin mining is the world’s best technology for converting energy into prosperity.” He also stated that “Bitcoin incentivizes renewable energy.” tagging Elon Musk.

Key Bitcoin Levels to Watch — June 10

Bitcoin has been immensely bullish over the past 48 hours and has hit a new six-day high at $38,500. However, bulls could not sustain a move above the $38.5 level, which triggered a mild correction to the 200 SMA at $36,200.

BTCUSD – Hourly Chart

That said, bulls need to keep BTC above the 200 SMA and the ascending trendline to resume the bullish journey. A fall below these levels could trigger another bear run, thwarting efforts by bulls.

Meanwhile, our resistance levels are at $38,000, $38,500, and $39,000, and our key support levels are at $37,000, $36,000, and $35,000.

Total Market Capitalization: $1.64 trillion

Bitcoin Market Capitalization: $710.9 billion

Bitcoin Dominance: 43.2%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.