El Salvador has announced it is taking the first steps in mining apex cryptocurrency Bitcoin BTC/USD.
What Happened: A video posted by El Salvador’s President Nayib Bukele on Twitter shows that the country has imported cryptocurrency mining equipment and commenced Bitcoin mining operations.
See Also: How To Buy Bitcoin (BTC)
Bukele had said in June that he instructed a state-owned geothermal electric company to put up a plan to offer Bitcoin mining facilities with 100% renewable energy.
El Salvador, a country with 23 active volcanoes, is apparently moving towards using geothermal energy to mine the cryptocurrency.
Why It Matters: El Salvador’s commencement of mining operations highlights the country’s intensified push into cryptocurrencies. In June, the Central American nation became the first country in the world to adopt Bitcoin as legal tender.
Price Action: Bitcoin is down almost 1.8% during the last 24 hours, trading at $41,788.15 at press time.
Read Next: Alibaba To Stop Selling Mining Equipment For Bitcoin, Other Cryptos Amid China Crackdown
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
