Saturday, October 16, 2021

El Salvador sees greener crypto-currency mining in its future

Energy-intensive cryptocurrency 'mining' is done by computers, and has come under criticism from environmentalists as a big source of demand for mostly fossil fuel derived electricity. — Reuters file pic
Energy-intensive cryptocurrency 'mining' is done by computers, and has come under criticism from environmentalists as a big source of demand for mostly fossil fuel derived electricity. — Reuters file pic

Follow us on Instagram and subscribe to our Telegram channel for the latest updates.


SAN SALVADOR, Oct 15 — El Salvador’s unfolding experiment as a first-adopter of the crytocurrency bitcoin could be increasingly powered by new streams of renewable energy, the chief of the country’s hydroelectric commission told reporters yesterday.

Energy-intensive cryptocurrency “mining” is done by computers, and has come under criticism from environmentalists as a big source of demand for mostly fossil fuel derived electricity.

Last month, El Salvador became the first country to adopt bitcoin as legal tender alongside the US dollar, which for years had served as the country’s sole official currency.

Daniel Alvarez, president of the state-run Lempa River Hydroelectric Executive Commission (CEL), said El Salvador has the potential to generate electricity through hydroelectric, solar, wind and tidal power projects.

“The possibilities are endless here, it’s just about willpower and that we have the means and the ability to start these projects,” Alvarez said.

The Salvadoran government in September began harnessing geothermal energy for bitcoin mining from a plant at the base of the Tecapa volcano, 106 kilometres (66 miles) east of the capital, that is owned by a company which is part of CEL.

The plant generates about 102 megawatts, and the government plans to add another five megawatts next year. At present, 1.5 megawatts are being allocated for bitcoin.

Alongside the plant, officials have set up a room inside a shipping container to house 300 computers that process cryptocurrency transactions.

The Tecapa plant along with another geothermal plant in northwestern El Salvador supply between 23 per cent and 24 per cent of the national power grid, according to authorities.  — Reuters




Source: Malay Mail

A word from our sponsor:

Need Help With Your Personal Finance / Money Issue or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com

Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving

Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog

Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101

Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy

No comments:

Post a Comment