One of the most significant criticism of Bitcoin from its critics is its environmental impact. It is no doubt that a significant amount of global energy resource is put to use for mining the cryptocurrency. While most of it was attributed to fossil fuels, it is quickly changing.
The latest entry is from El Salvador. A few weeks ago, it became one of the first countries ever to adopt Bitcoin as a legal tender. According to a recent report from Redpill Crypto Research, El Salvador is going one step forward and will also mine Bitcoin. Also, it will be 100% clean.
President of El Salvador Nayib Bukele tweeted that the state-owned geothermal electric company will offer cheap electricity for bitcoin mining operations. 100% of it will be clean and renewable energy from volcanoes.
This couldn’t have come at a better timing. Just last week, Tesla CEO Elon Musk tweeted that he is still committed to Bitcoin. If a considerable amount of mining operation is done using renewable energy, the electric car manufacturer will resume accepting bitcoin again.
It also comes at a time when China is cracking down on Bitcoin miners. It is no secret that most of the mining activity happens within China. The local governments have started cracking down on them, forcing them to move elsewhere. They could very well end up in El Salvador.
With El Salvador truly adopting Bitcoin, we can expect more smaller countries to adopt it and extending its purpose.
Source: Redpill Crypto Research