Mining in El Salvador and Latin America

As many people know, El Salvador is the first country in the world experimenting with using BTC as a national currency. The government is planning on mining Bitcoin, using geothermal energy, to both create jobs and increase national revenue. In this article we will be looking at the progress El Salvador is making in their bullish Bitcoin endeavor!

Where the Power Will Come From

Daniel Alvarez, the president of Lempa River Hydroelectric Executive Commission, says El Salvador has the potential to generate electricity using solar, hydroelectric, wind and tidal means. These will all be used in addition to utilizing the country’s geothermal energy plants, to create a basket of different energy solutions. "The possibilities are endless here, it's just about willpower and that we have the means and the ability to start these projects," Alvarez stated in a recent interview.

In September of this year, the government of El Salvador began harnessing energy from the base of the Tecapa volcano, which rests dormant approximately 100 kilometers to the east of El Salvador’s capital city, San Salvador. The plant generates approximately 102 megawatts of electricity, 1.5 megawatts of which are currently allocated to Bitcoin Mining. The El Salvadorian government has set up three hundred state of the art mining riggs, near the geothermal plant, although this number is likely to increase as time goes on.

South American Bitcoin Adoption

El Salvador may be the only country which has officially adopted Bitcoin, although there are several other Latin American countries which are following El Salvador’s lead. Paraguay has recently proposed a Cryptocurrency bill, aiming to legally define the “Blockchain industry.” The Government of Paraguay is hoping this bill will increase the amount of mining which takes place inside Paraguay’s boarders. Paraguay already has a significant amount of cryptocurrency mining. All the mining which takes place in Paraguay uses 100 percent clean energy, because there is such a large amount of clean energy being created. Currently, Paraguay gives away three quarters of the energy to its neighboring countries “almost for free.”

Panama also has a significant amount of renewable energy production within its borders, which has attracted a large amount of cryptocurrency mining. Panama is also pushing forward some of their own cryptocurrency bills; however, the specific details of these bills are more unknown. What is known about this bill is that it has to do with adopting Bitcoin as legal tender, in the same fashion as El Salvador. Panama is also looking to attract all sorts of different cryptocurrency-based businesses, by creating clear regulations which will be in their favor.

In Conclusion

A major milestone in our crypto journey comes with small victories. The diehard crypto coinsures have been saying for years that the moment a sovereign nation accepts Bitcoin as a form of payment or tender there will be a tide turning. Forward to today, the confidence and fundamentals of Bitcoin and decentralized blockchain technology have never been greater. We may see harsh volatility at times however one fact remains true, there is no stopping or censoring what we as humans naturally seek in life and perceive as value. Our families, our careers and our homes are some of the most important values we wish to protect. What better way than with our minds and the technologies of our modern world? I see a future in personal value that is without debasement by outside parties. The value we know today is not what mankind knew even 100 years ago, ever evolving and changing. Fortunately, as the age of technology grows so does way we navigate our lives as individuals. One impossible task at time, people have concurred the edges of the Earth without ever solving the problem of immutably transferring wealth without the need of 3rd party systems.

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