Laser eyes, a central American jungle, and volcanoes. You've wandered into a Bond villain's secret lair again, haven't you?
Nope! It's just Bitcoin.
El Salvador President Nayib Bukele, fresh off of passage of a bill to make Bitcoin legal tender in the country, said today he has directed the president of state-owned electricity company LaGeo to "offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos."I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋 This is going to evolve fast! 🇸🇻 pic.twitter.com/1316DV4YwT — Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
El Salvador's "Bitcoin Law" was proposed by Bukele last week and swiftly passed into law upon its introduction to the Legislative Assembly, which Bukele's party controls with a two-thirds majority.
The law recognizes the cryptocurrency as legal tender and mandates that businesses accept BTC as payment unless they are in rural areas that lack internet access. Further, it exempts Bitcoin trading from capital gains taxes.
In short, El Salvador just became Bitcoiners' new favorite place.
If they can ignore Bukele's penchant for authoritarianism, that is. As detailed by Human Rights Watch in May, the president and his allies have completely removed all the members of the ostensibly independent Constitutional Court, part of the Supreme Court, as well as the attorney general.
Maybe they can throw them into a volcano and use the energy to create more Bitcoin!
Speaking of which, El Salvador has over 20 volcanoes, several of which are active. LaGeo uses the volcanoes to harness geothermal energy.
It's actually not a new concept. Genesis Mining in Iceland harnesses underground heat to produce carbon-free...