El Salvador commences Bitcoin mining with volcanic energy. President Nayib Bukele reveals that the Chivo wallet sees 180 new users every minute.
El Salvador is continually bullish on Bitcoin as the country moves further in its Bitcoin strategy, commencing BTC mining. Under the leadership of president Nayib Bukele, the country became the first in the world to legalize Bitcoin as a legal tender. Now, the government has begun BTC mining using volcanic energy.
El Salvador really commences Bitcoin Mining
Passion and desire here are very clear. The El Salvador president and Bitcoin bull announced the recent BTC-related development in the country. According to Nayib Bukele, El Salvador has officially started BTC mining despite that the testing and installation phase is still going on. Bukele reveals on Twitter that the move to Bitcoin mining in El Salvador is on the 1st of October.
As soon as El Salvador passed the Bitcoin bill in June, Bukele mentioned BTC mining as one of his missions as the president. The Bitcoin mining infrastructure will also serve as another stream of revenue for the Central American country. It appears that El Salvador might be the new home for BTC miners with the ongoing China crackdown. As well as increasing the demand for clean BTC mining.
Noticeable, China has repeatedly warned its citizens to avoid cryptocurrency claiming that the digital yuan is the answer to virtual money. The country is forcing crypto miners out as well as clamping down on crypto exchanges. Unfortunately for many people in China this ain’t great news and limited many great opportunities.
Now El Salvador holds over 700 BTC
El Salvador’s president Nayib Bukele confirmed this on Monday in a tweet. Stated that his government had purchased its first 200 BTC. Ahead of the September 7 rollout of a new law to make Bitcoin legal tender. Government believes that this move will be a net positive for the economy and society.
Then he confirmed the purchase of another 200 BTC in a tweet stating “El Salvador just bought 200 new coins. We now hold 400 Bitcoin.”
El Salvador is taking advantage of the Bitcoin dip, and the country now holds more than 700 BTC in its treasury. In addition, Bukele noted that there is a plan to buy more BTC during market dips.
After making history early last month to officially accept Bitcoin, El Salvador’s BTC wallet Chivo has seen millions of downloads. The Chivo wallet accompanies BTC legalization to aid swift cross-border crypto transactions. The virtual wallet is available on both androids and iPhones. As of the 25th of September, Bukele said that 2.1 million Salvadorans were actively using the Chivo wallet. At the time, the BTC fan added that the virtual wallet had more users than any bank in El Salvador. In a more recent tweet, Bukele revealed that 2.73 million people are now using the Chivo wallet. The president added “180 new users every minute. 1 million dollars in remittances being received every day.”
