El Salvador Envisions Greener Crypto-Currency Mining Future

El Salvador’s head of the hydroelectric commission told reporters on Friday that the nation’s current experiment as a first-time adopter of the cryptocurrency Bitcoin could be increasingly invigorated by new streams of renewable energy.

Last month, the Central American nation became the first country to introduce bitcoin as legal tender alongside the U.S. dollar, which for years served as the nation’s only official currency.

The energy-intensive “mining” of cryptocurrencies is carried out by computers, and has been criticized by environmentalists as the main source of demand for electricity, which is largely derived from fossil fuels.

Daniel Alvarez, president of the state’s Lempa River Hydroelectric Executive Commission, said the country has the potential to generate electricity through hydropower, solar, wind and tidal power.

Last September, the Salvadoran government began using geothermal energy for bitcoin mining from a plant at the foot of the Tecapa volcano, 106 kilometres east of the capital. This plant generates about 102 megawatts, and the government plans to add another five megawatts in 2022. Currently, 1.5 megawatts are being allocated to bitcoin.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

ITW in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

More Best of The Web