In my previous post, I said what could be next for Bitcoin adoption in El Salvador. I said we could expect the usage of geothermal capabilities for Bitcoin Mining.
We didn’t have to wait too long for this to become reality. Less than a day after making history with securing approval for a bill to make bitcoin legal tender in his country, Bukele says he has directed El Salvador’s geothermal company, LaGeo, to let power-hungry bitcoin miners plug into his country’s volcanic resources. Connecting bitcoin mining operations with state-run geothermal plants could be a lucrative tie-up.
This couldn’t be a better moment for such an announcement as China currently tightens its grip on cryptocurrencies, especially Bitcoin and mining operations. Many miners are selling their hardware and trying to move their operations somewhere else. El Salvador could be an excellent spot for them. Not only for miners, for innovators, and new green energy firms expanding their market share too. A combination of two could incentivize in the short-term the additional development of clean energy grids and how they could be utilized.
I’m not saying Bitcoin is the best option for such operations, but it will bring new investors for sure. In a twisted and unexpected way, Bitcoin could further push green energy adoption if or when different countries follow El Salvador’s direction.
Still, I think the best way to make cryptocurrency energy-efficient is to move to PoS, precisely what Ethereum will adopt soon. But I recognize the good deeds of Bitcoin and El Salvador for renewable energy technology and adoption.
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