El Salvador truly made history yesterday after adopting the largest cryptocurrency as legal tender. The initiative taken by the Salvadorian President Nayib Bukele took many by surprise and also encouraged many novice parties to consider investing in the flagship cryptocurrency.
After officially recognizing BTC as a legal tender, El Salvador has made headlines once again as President Bukele shared plans on using a geothermal pit to power BTC mining.
Present Nayib Bukele tweeted last night that stated:
The plan to use a geothermal pit for Bitcoin mining has been formulated by Bukele to reduce energy emissions that can otherwise be damaging for the environment.
After passing the Bitcoin bill, El Salvador might be on an entirely different level if the innovative ways to mine the crypto asset are executed as planned.
This revolutionary idea is also likely to give a boost to Bitcoin and highlight various new ways the digital asset can be used. This is expected to be beneficial, not only for the digital currency but BTC investors and enthusiasts all around the world.
Therefore, this can be considered a remarkable time to step into the crypto space by using some of the largest crypto exchanges. SwissBorg and Kraken are two of the most trustworthy exchanges where you can safely and easily purchase BTC.
Can a Cleaner BTC be Expected?
Mining Bitcoin or any other cryptocurrencies requires enormous energy as it is done by massive computing systems. Maintaining these systems, cooling them down and running them can take up plenty of energy.
Some crypto enthusiasts stand by the fact that the energy used for mining cryptocurrencies, or BTC in this case, is powered by fuel or coal. However, the carbon footprint left behind is quite tremendous and also inevitable.
However, to the satisfaction of Salvadorian crypto enthusiasts and investors, the same problem will not be seen in El Salvador. Several renewable energy sources are the solution for the energy concerns that surround Bitcoin mining.
Some of the popular renewable energy sources include solar plants, windmills and hydroelectric generators and now volcanoes can be added to the list as well.
According to President Bukele’s tweet, the engineers in El Salvador have already started digging a geothermal pit beside a volcano in the country. If the plans to mine BTC through a volcanic energy with zero emissions comes to pass, it is anticipated to take the entire crypto game to the next level.
The success of this method can help in resolving numerous concerns regarding energy consumption during mining and its impacts on environment. This can ultimately help in creating an eco-friendly world that can co-exist with digital currencies.
Bitcoin to Climb up the Price Ladder Soon?
Bitcoin enthusiasts have been concerned regarding the price of the flagship cryptocurrency ever since the massive correction witnessed in May. Despite the drastic drop in BTC’s price, it still stands as the largest crypto asset and is currently trading at $38,762 (at the time of writing).
Bitcoin is the largest digital asset in the world with increasing prominence and utility. The ups and downs in its price have been witnessed by long-term hodlers and investors, which is why people who understand the true value of the crypto asset still hodle BTC.
The progressive initiatives taken by El Salvador are a proof that Bitcoin is the cryptocurrency to invest in. While nothing can be said for sure regarding the price of BTC, several investors and enthusiasts expect it to surge high in the future.
Therefore, if you have been planning to invest in the digital asset then you can choose a secure option from list of Bitcoin exchanges.
You can also consider becoming a crypto trader once you have invested in Bitcoin. Crypto trading has its own set of benefits you should not miss out on. One of the best and safest exchanges you can use for trading BTC is ByBit exchange.
Furthermore, if you have a demanding schedule and don’t have enough time or expertise to trade then you can always opt for copy-trading by using PrimeXBT Covesting. Copy-trading allows the automatic mirroring of an expert trader’s trades, which generates the same returns as the expert, without actively monitoring the market trends.