Following the approval by El Salvador’s congress, the Bitcoin price surged to $48,000 earlier today. This surge in prices was seen after $241 million in Bitcoin shorts were liquidated according to bybt.com
The country has mined 0.0059 BTC so far, worth $260 using geothermal energy from volcanoes.
Further to this, El Salvador became the first country to make bitcoin legal tender last month. It has also created the Chivo wallet for citizens to access the Bitcoin network and make payments. As an incentive, the government gave out $30 to anyone who signed up.
El Salvador’s harnessing of geothermal energy could provide an answer to the hunt for a reliable clean energy source to power bitcoin mining.
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