Being the first adopter of Cryptocurrency Bitcoin could be widespread by newer streams of renewable energy, according to the Chief of country’s hydroelectric commission. To this, as cryptocurrency mining consumes lots of energy through various computers and have consequently kept under criticism of environmentalists as a huge medium of requirement majorly by electricity received by fossil fuel, thereby taking it towards greener mining in near future.
EI Salvador- First country For Adaption Of Bitcoin
It had become the first country for adoption Bitcoin as legal tender alongwith with the U.S. dollar and had for years served as country’s individual official currency.
EI Salvador is having the capability of generating electricity through hydroelectric, wind, solar and even tidal power projects as mentioned by Daniel Alvarez, president of state-run Lempa River Hydroelectric Executive Commission ( CEL). To this, Alvarez also mentioned that possibilities are never ending and that it’s just a matter of willpower, whereby we are having the means and the ability of initiating such projects.
In addition to this, the Salvadoran government in September started controlling and utilising the geothermal energy for Bitcoin Mining from a particular plant at base of Tecapa Volcano, 106 Kilometres east of the capital, which is again possessed by the company being a part of CEL.
Details About The Plant
Further, such a plant renders around 102 megawatts, where government has a plan of adding more five megawatts to the coming year. Presently, allocation of 1.5 megawatts is done for Bitcoin. With this plant, the officials have also organised a room in a shipping container so as to house around 300 computers which process the transactions of Cryptocurrency.
So, the Tecapa plant in addition to other geothermal plant in northwestern EI Salvador supply, amongst 23% and 24% of the national power grid as per to the authorities.
Although this power consumption issue was also discussed by Elon Musk, but are popular as well, due to their decentralised nature and the Blockchain network being used by it for running transactions while trading. Also, as it’s well known that EI SALVADOR was the very first country adapting Bitcoin so it has now seen certain greener effects with cryptocurrency mining in its near future as well. This is so cause, environmentalist concerned with the power consumption related with mining would demand fossil fuel derived electricity.
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