El Salvador Update | "Bitcoin Law" Enshrined in Bitcoin Block, President Promotes Volcanic Geothermal Mining

El Salvador made history on 9/6 as the first country in the world to adopt Bitcoin as legal tender. The third-largest Bitcoin mining pool, Poolin, also recorded this historic event in a Bitcoin block. The country's president today announced plans to develop a Bitcoin mining facility powered by "volcano-type" geothermal energy.

Congress Approves Bitcoin Law

The Salvadoran Congress passed the Bitcoin Law by an absolute majority at around 2 p.m. Taiwan time on June 9th, with 62 out of 84 votes in favor. The local media outlet "El Diario de Hoy" also featured a headline "Congress Approves Bitcoin Law" on June 9th.

At the same time, the third-largest Bitcoin mining pool, "Poolin," included the headline "asamblea aprueba la ley bitcoin" (Congress approves the Bitcoin law) in the "Coinbase data" at block height 686,938.

What is "Coinbase data"?

Promoting Geothermal Bitcoin Mining Facilities

El Salvador's move to adopt Bitcoin as an official currency has garnered global attention, but the 39-year-old President Nayib Bukele seems to have more plans in mind.

When asked about mining during a Twitter Spaces session yesterday, he mentioned that he had not yet considered Bitcoin mining but was open to the idea of mining Bitcoin using renewable energy sources.

Today, Nayib Bukele announced the immediate establishment of a "volcano-type" geothermal power plant to provide infrastructure for Bitcoin miners. In a tweet, he stated:

I have instructed the directors of LaGeo, our state-owned geothermal energy company, to offer low-cost, 100% clean, renewable, zero-emission volcanic energy to promote Bitcoin mining, this will be done as quickly as possible.

Promoting Renewable Energy for Years

As early as 2015, the Economic Commission for Latin America and the Caribbean (ECLAC) indicated that over 50% of El Salvador's energy came from renewable sources. By 2018, this figure had further increased to over 60%.

Bitcoin has faced negative news in recent weeks, including concerns about energy consumption, Chinese regulations, and ransomware attacks. However, El Salvador's adoption, whether as an official currency or the proposed clean energy mining initiatives, undoubtedly brings relief to Bitcoin amid these challenges.