• 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. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin, Ethereum and XRP defend key support on sixth day of Israel-Iran war, what to expect

Bitcoin, Ethereum and XRP defend key support on sixth day of Israel-Iran war, what to expect

Bitcoin (BTC), Ethereum (ETH), and XRP are holding steady above key support levels. The top three cryptocurrencies have weathered the geopolitical tension and macroeconomic events of the past week. 

Top Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe set to extend losses

Top Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe set to extend losses

Top meme coins extend recent losses on Wednesday, with the segment’s market capitalization standing at $54.41 billion, a decline of over 20% in the past month. Dogecoin (DOGE) and Shiba Inu (SHIB) are down 3% so far this week.

Crypto Today: Bitcoin, Ethereum, XRP weather geopolitical tensions, risk-off sentiment ahead of Fed rate decision 

Crypto Today: Bitcoin, Ethereum, XRP weather geopolitical tensions, risk-off sentiment ahead of Fed rate decision 

The cryptocurrency market is broadly consolidating amid ongoing geopolitical tensions in the Middle East. Bitcoin (BTC) mirrors the lethargic sentiment, trading at around $104,572 at the time of writing on Wednesday.

Stellar and ApeCoin Price Prediction: XLM and APE at risk of further losses as technical weakness grows

Stellar and ApeCoin Price Prediction: XLM and APE at risk of further losses as technical weakness grows

Stellar price closes below its critical support at $0.2537, hinting at a correction ahead. ApeCoin touches the lower boundary of an ascending triangle formation, a breakdown would signal a downtrend.

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP