El Salvador’s President, Nayib Bukele, stated that the nation has mined a small portion of its first Bitcoin for the first time since the cryptocurrency was formally adopted as legal tender.
The mining was performed utilizing geothermal energy, generated from volcanoes, which the nation received naturally.
According to a press release, the mining activity has so far generated nearly 0.006 BTC (valued at £212) and is administered by the government-owned LaGeo energy firm.
President Bukele celebrated the event with a tweet in which he disclosed the total amount of BTC mined so far. Aside from the quantity of Bitcoin gained via mining, the tweet includes a section labelled “payment pending,” which is shown independently from the overall number of BTC acquired through mining.
According to President Bukele’s tweet, the volcanic energy-based mining operation is still in the “testing and installation” phase, which may explain why there are just a few satoshis in circulation right now.
Bitcoin As El Salvador’s Legal Currency
Last month, El Salvador became the first country in the world to officially recognize a cryptocurrency (especially Bitcoin) as legal tender.
Regardless of the optimistic message promoted by government officials and the media, the stated reality of the situation is much more controversial than the favourable marketing.
El Salvador experienced disruptions after the adoption and execution of the country’s official categorization of Bitcoin as a legal currency.
Many news outlets linked the rioting to the government’s adoption of Bitcoin as a mode of payment. The reason for this decision is that introducing Bitcoin as legal tender would “bring instability and inflation to the impoverished Latin American country.”
Texas Looks Forward To Become Fintech Global Leader
According to media sources, after China’s recent crypto-asset crackdown, the state of Texas is reportedly aiming to become a worldwide leader in blockchain technology in general and crypto asset mining in particular.
According to a report, the awaited Texas Blockchain Summit on October 8, which will be hosted by Lee Bratcher, the founder and president of the Texas Blockchain Council, will feature numerous crypto luminaries, including Senator Cynthia Lummis, Senator Ted Cruz. Senator John Cornyn. and Coin Metrics Co-Founder Nic Carter.
Furthermore, Texas Governor Greg Abbot has met with the Texas Blockchain Council twice and has shown his support for digital assets on social media channels such as Twitter.
The Texas Blockchain Council is a nonprofit industry organization of companies and individuals operating in a variety of industries related to blockchain technology.
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