El Salvador, the first nation to legalize Bitcoin as legal tender, has successfully mined its first set of Bitcoin using geothermal energy.
President Nayib Bukele posted an update on Twitter about the quantity of Bitcoin that has been mined so far by the country’s newly launched mining industry.
At press time, El Salvador has mined $500 worth of Bitcoin. Meanwhile, Bitcoin has experienced a 10% surge, adding $5000 in value to settle at $47,000, after spending over a week at the $42,000 mark.
President Bukele added that the Bitcoin mining industry is still at the testing phase.
“We’re still testing and installing, but this is officially the first #Bitcoin mining from the #volcanode,” he tweeted.
President Bukele, who always gives updates on developments around Bitcoin in his country, recently posted a video showing the installation of mining machines in a forest area surrounded by mountains.
In the last 24 hours, bitcoin is up by 8.96%, with a current price of $47,287.68 as at the time of writing this. Within 24 hours, bitcoin dropped to $42,849.92 low and $47,872.35 high. The trading volume of bitcoin in the last 24 hours is $1.49B. The current market capitalization of bitcoin is $891.88. Currently, $18.83M bitcoins is in circulation.
Stats and Image from Coin Desk
Earlier this year, President Bukele declared his intention to utilize volcanic energy to power the Bitcoin mining activities of the country, stating that plans were being put in place “to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.”