• El Salvador has mined nearly $500 worth of Bitcoin using its volcano node.
  • President Nayib Bukele's announcement on Twitter could dispel the "Bitcoin is not green" narrative for good.
  • Despite several protests against the acceptance of Bitcoin, Chivo wallet users are on the rise.

El Salvador is making strides in the adoption of Bitcoin. The Bitcoin mining setup powered by a volcano is still being tested and installed, BTC has started pouring in. 

Volcano-powered Bitcoin node currently being tested in El Salvador

Nayib Bukele, President of El Salvador, revealed the latest updates on the Volcano node through a tweet earlier today. 

The country recently launched its state-owned geothermal Bitcoin mining facility and mined nearly $500 worth of Bitcoin. The Salvadoran government intends to increase Bitcoin mined over time, as the node is currently undergoing tests. 

Earlier this week, President Bukele shared a video of the facility that uses geothermal energy for Bitcoin mining. BTC has faced massive criticism worldwide for its high energy consumption. The use of geothermal energy for mining BTC is likely to leave the narrative of “Bitcoin is not green.”

Experts believe that zero emissions and cleaner Bitcoin mining are expected to drive the demand for BTC higher. Institutions that criticized the cryptocurrency’s usage of computing power are likely to turn to the asset for its utility and “store of value” properties. 

Nation-states worldwide were reluctant to accept El Salvador’s success in light of the protests against the acceptance of Bitcoin as legal tender. 

Article 7 of El Salvador’s Bitcoin law compels businesses to accept Bitcoin as payment, irrespective of their stance. However, citizen’s acceptance of BTC is noteworthy with a spike in the number of active users of the Chivo wallet. 

Over 2.1 million Salvadorans are now using the Chivo wallet, according to President Bukele’s tweet. 

Following El Salvador’s example, Laos, a Southeast Asian country, has authorized the mining and trading of cryptocurrency. Alex Adelman, co-founder of Lolli.com, recently tweeted.

FXStreet analysts have evaluated that a drop below $40,000 could lead to further losses. However, if the Bitcoin price crosses $47,000, the asset is on track for the $100,000 end of the 2021 projection. 

 

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