10-07-2021, 01:08 AM
How's that bitcoin mining working out for El Salvador? They've started. It's not a lot at this point, but it's more than the nothing Puna is generating.
Last week, President Nayib Bukele announced that El Salvador is mining bitcoin with energy from its volcanos. Just three months ago, he had instructed state-owned geothermal electric company La Geo to plan for bitcoin mining and, in a tweet on Friday, not only detailed that the operation is in testing mode but also provided a breakdown of the mining revenue generated so far.
Last month, El Salvador’s government rolled out its bitcoin wallet, Chivo. According to the President, Chivo has been downloaded by 2.73 million people, suggesting a penetration rate of 75% among eligible citizens. For perspective, prior to the rollout of Chivo, only 1.9 million and 1.3 million El Salvadoran adults used bank accounts and debit cards, respectively. If correct, scaling to 2.73 million digital bearer accounts in less than 1 month, Chivo has provided unprecedented financial inclusion, a promising sign for bitcoin adoption in other emerging markets.
Puna, as a third world district should be able to duplicate what a third world country has accomplished. We've got Kilauea bubbling away with energy for the drilling and tapping.
Last week, President Nayib Bukele announced that El Salvador is mining bitcoin with energy from its volcanos. Just three months ago, he had instructed state-owned geothermal electric company La Geo to plan for bitcoin mining and, in a tweet on Friday, not only detailed that the operation is in testing mode but also provided a breakdown of the mining revenue generated so far.
Last month, El Salvador’s government rolled out its bitcoin wallet, Chivo. According to the President, Chivo has been downloaded by 2.73 million people, suggesting a penetration rate of 75% among eligible citizens. For perspective, prior to the rollout of Chivo, only 1.9 million and 1.3 million El Salvadoran adults used bank accounts and debit cards, respectively. If correct, scaling to 2.73 million digital bearer accounts in less than 1 month, Chivo has provided unprecedented financial inclusion, a promising sign for bitcoin adoption in other emerging markets.
Puna, as a third world district should be able to duplicate what a third world country has accomplished. We've got Kilauea bubbling away with energy for the drilling and tapping.