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El Salvador begins mining Bitcoin using geothermal energy from volcanoes

El Salvador started mining Bitcoin (BTC) using geothermal energy extracted from volcanoes.

Salvadoran President Nayib Bukele, who led the country’s movement to adopt the BTC as legal tender, unveiled a teaser video to his 2.9 million followers showing clips from the new mining facility.

Bukele also shared a screenshot of a portfolio the country uses to collect the BTC generated by its mining operations. At the time of Bukele’s post, 0.00599179 BTC, valued at $286, had been extracted with energy from volcanoes.

“We are still testing and installing, but this is officially the volcano’s first Bitcoin mining operation.”

Bukele said in June that he asked El Salvador’s geothermal energy company LaGeoSV to create a Bitcoin mining facility using “very cheap, 100% clean, 100% renewable, zero energy. Emissions” from the country’s volcanoes.

The Central American nation, known as the “Land of Volcanoes”, became the first country in the world to adopt Bitcoin as its legal currency, despite protests and polls showing that a large part of the population does not disagree. .

About 25% of El Salvador’s current energy comes from geothermal energy, according to a report by Unidad De Transacciones, manager of the country’s electricity market.

Bitcoin changed hands at $48,061 at the time of writing, a 14% increase from the $41,002 seven-day low, according to CoinGecko.

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Salvadoran President Nayib Bukele says citizens who pay for gasoline with Chivo Wallet will receive a discount

Salvadoran President Nayib Bukele revealed on Friday that Chivo wallet users will be able to benefit from a discount on refueling at the country’s largest service stations. Chivo wallet users who pay for fuel will save $0.20 per gallon using the government’s encrypted wallet.

Salvadoran President Nayib Bukele’s government subsidizes the country’s gasoline market

After Salvadoran President Nayib Bukele unveiled the volcano-fueled bitcoin mining facility last week, Bukele informed his Twitter followers of two positive implementations the government has adopted. To begin with, Bukele explained that he signed a decree authorizing a fund to stabilize gas prices in El Salvador. He noted that an increase in gasoline prices was expected, but his decree halted the increase.

In fact, gasoline prices will be “slightly reduced,” Bukele said. “The government is going to absorb the increases that have been taking place in the international market for a year,” said the Salvadoran president. “If there is any reduction, it will be passed on directly to the consumer in the price of LPG cylinders (of all existing brands in our country),” added Bukele.

The president also said that families that already receive the gas subsidy will continue to benefit from the aid and, as gas prices will not increase, they will see reductions. “This will not only ease the pockets of families, but also small businesses, thus helping to strengthen our economy, and the most vulnerable sectors ​​will also benefit from our country’s economic growth,” said Bukele.

Chivo Wallet users will save $0.20 per gallon

After these statements, Bukele explained that Bitcoin Chivo wallet users will be able to get a discount on gasoline per gallon on refueling.

The guidelines for this new discount are unclear, but Bukele said several of the country’s largest gas station companies would reduce the price of gas per gallon by $0.20 if a customer uses the Chivo gas wallet app to pay . He also shared some ads that were showing some of the participating gas stations. Bukele said:

State-owned Chivo negotiated with the largest gas station companies in our country, so that starting tomorrow these stations sell each gallon of fuel at US$ 0.20 cheaper, with Chivo's portfolio. 
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