El Salvador plans Bitcoin mines fueled by geothermal energy

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After becoming the world's first country to recognize bitcoin as legal tender Wednesday, El Salvador plans to build bitcoin mining factories that use geothermal energy from beneath its volcanoes, according Reuters.

"Our engineers just informed me that they dug a new well that will provide approximately 95 Megawatts of 100 percent clean, zero emissions geothermal energy from our volcanos," El Salvador's President wrote on Twitter, before adding that the country was "Starting to design a full bitcoin mining hub around it."


RUNDOWN SHOWS:
1. Location of El Salvador
2. Geothermal power plant built
3. Inside bitcoin mining factory
4. Bitcoin mining factories in China
5. Bitcoin energy against top 29 countries in the world

VOICEOVER (in English):
"After becoming the world's first country to recognize bitcoin as legal tender Wednesday, El Salvador plans to build bitcoin mining factories that use geothermal energy from beneath its volcanoes, according Reuters."

"'Our engineers just informed me that they dug a new well that will provide approximately 95 Megawatts of 100 percent clean, zero emissions geothermal energy from our volcanos,' El Salvador's President wrote on Twitter, before adding that the country was 'Starting to design a full bitcoin mining hub around it.'"

"Bitcoin is administered by a decentralized network of computers, according to Bitcoin.org. New bitcoins are created when those computers solve algorithms which ensure existing bitcoin transactions are secure from fraud."

"However, the process is energy intensive, and other countries are looking to move away from cryptocurrency mining. A recent crackdown in China, the world's largest cryptocurrency mining location, has seen mines ordered to shut down in Xinjiang and Qinghai, according to the South China Morning Post."

"The BBC reports that if bitcoin was a country, it would be in the top 30 energy consumers in the world. Additionally, the bitcoin industry's total carbon dioxide emissions equal the exhaust from around 9 million cars, according to a March report by Bank of America, cited by Reuters."


SOURCES: SCMP, BBC, The Independent, The Financial Times, Reuters, El Salvador President's Twitter, Bitcoin.org
https://bitcoin.org/en/faq#what-about-bitcoin-and-consumer-protection
https://twitter.com/nayibbukele/status/1402680890057166858
https://www.independent.co.uk/life-style/gadgets-and-tech/el-salvador-bitcoin-mining-volcano-b1863065.html
https://www.scmp.com/tech/policy/article/3136780/chinas-bitcoin-crackdown-pushes-miners-out-xinjiang-qinghai-baidu-and
https://www.scmp.com/tech/policy/article/3134473/china-escalates-crackdown-bitcoin-mining-trading
https://www.bbc.com/news/science-environment-56215787
https://www.bbc.com/news/technology-56012952
https://www.reuters.com/article/el-salvador-bitcoin-imf/imf-sees-legal-economic-issues-with-el-salvador-bitcoin-move-idUSL2N2NS1PB
https://www.reuters.com/technology/el-savador-exploring-volcanic-bitcoin-mining-bukele-says-2021-06-09/
https://www.ft.com/content/8d7054e3-e597-48f4-b769-0ea2e53531c0
https://www.ft.com/content/1aecb2db-8f61-427c-a413-3b929291c8ac