Sat. Oct 23rd, 2021

A screenshot of a video of a state-owned, volcanic-powered bitcoin mining facility was tweeted by El Salvador's President Naib Buckley in late September.

Weeks ago, El Salvador was the first country in the world to announce a legal tender for Bitcoin. The cost is 5 225 million And as part of a planned rollout to cement the country as a world leader in cryptocurrency, its government reserves have been increased to 550 bitcoins. On Friday, the president and right-wing MP Naib Buckley tweeted that Bitcoin mining operation The state-owned energy company LaGeo SA de CV has produced a total of one plum Bitcoin 269 Uses geothermal energy from volcanoes.

Buckle tweeted early Friday that the government was still “testing and installing”, but what he called “#volcanode” was officially working. In a video earlier this week, the president tweeted that government-branded shipping containers were taking ASIC Minerals to a jungle fuel facility for installation by Lagio technicians.

E.g. CNBC mentioned, The use of geothermal energy to create cryptocurrencies is rarely new, but the announcement comes as Bitcoin and other cryptocurrencies draw international attention to the abundance of electricity to get their blockchains. (Bitcoin alone is estimated to use 91 terawatt-hours of electricity a year New York Times, Which is only half of the total world generation shy.) About a A quarter of El Salvador’s power Has already been generated by geothermal plants, and Buckel’s initiative is designed to capitalize on the cryptocurrency boom while maintaining an environmentally friendly image.

The El Salvadoran government has created its own bitcoin wallet called Chivo, which is available for all citizens to register with a national identity card, at which point they will receive a bitcoin worth Rs. The national per capita gross domestic product in El Salvador is estimated 2020 3,600 in 2020.

Patterns of time, we think. Many El Salvadoran, however, are highly skeptical that jumping on the bitcoin train is actually a wise decision, as it leads the country’s economy to volatile cryptocurrency volatility and could weaken speculation in world markets. CNBC has previously reported A Central American University survey found that 70% of respondents in the country did not support the creation of legal tender for Bitcoin, many of those surveyed had little confidence in Bitcoin or said they had limited ideas about how to actually use it.

According to Assistant Printing PressDemonstrations began in the capital, San Salvador, on Wednesday, with protesters speaking out against what they see as an undemocratic concentration of power in the Buckeye administration. While many in the crowd were particularly dissatisfied with his bitcoin policy, the AP noticed that some marchers wore “no to bitcoin” shirts. A handful of participants vandalized some of the 200 run by the government Cryptocurrency ATM Which was recently deployed across El Salvador, although the AP noted that the network was already virtually inoperable for weeks after being overwhelmed by the number of new registrants and errors with the app created by the Chivo government.

Ricardo Casteda, a senior economist at the Central American Institute for Fiscal Studies, said the government was betting more than 200 200 million on a virtual casino and that it was taxpayers’ money. The Wall Street Journal.

George Hasben, who owns the clothing store chain and head of El Salvador’s Chamber of Commerce and Industry, told the paper that the three-month rollout under Buchel’s government was rushed and did not give traders enough time to accept new tenders. He added that the government had failed to establish a proper regulatory system before pushing the cryptocurrency law out the door.

“If a client comes to pay with Bitcoin, I’m not ready,” Hasben told the Journal. “We could have run the wave in a positive way, but the way the law was imposed was not positive.”

The price of Bitcoin and many other cryptocurrencies rose on Friday. Shortly after 5:00 ET, the price of Bitcoin stood at 48 48,100, up from আগের 4,300 the day before.

Other politicians have similar ambitions. Miami Republican Mayor Francis Suarez on Friday Told the Washington Post A city-run initiative called Miami Coin has already given the municipal government a million-dollar counterfeit since August. Suarez suggested that in the future, Miami Coins could turn the city into a paradise of tax-free independence.

“When you think about the possibility of being able to run the government without paying taxes to the citizens. It’s incredible, “Suarez told the paper.

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