Bitcoin is a very popular cryptocurrency having an exceeding extent of institutional adoption. Bitcoin was the first-ever cryptocurrency. The inventor of bitcoin implemented the concept of cryptocurrencies for the first time. The early arrival of bitcoin is one of the prominent reasons Bitcoin is one the most valuable cryptocurrency ever existing.
The profitability of bitcoin trading is exceedingly high. If you want to get profitable results in your bitcoin trading venture, check and like bitcoin evolution for more details. Bitcoin has the highest store value; all the more market cap of bitcoin recently touched a milestone of $1 trillion. Satoshi Nakamoto invented bitcoin only to facilitate transactions and to make us rich.
Considering the robustness of bitcoin as a payment method, El Salvador recently adopted bitcoin as a legal tender which means El Salvador now has two national legal currencies. Foremost is bitcoin, and the second is a dollar. Furthermore, since bitcoin is a virtual process, adding new bitcoin units is correspondingly virtual.
The president of El Salvador recently announced about their bitcoin mining plant set up. Here is everything you should know about the announcement of higher authorities of El Salvador regarding bitcoin mining. So without wasting any further ado, let’s jump straight to the facts.
El Salvador Becomes The First Country To Adopt Bitcoin As A Legal Tender!
Undeniably bitcoin is an excellent payment method with some elating features such as lower transaction fees, anonymity, and many more. However, the adoption of bitcoin as a legal tender by any country was not likely at all.
The prominent reason is that bitcoin is more popular because of its store value and not its significance as a payment method. However, El Salvador has taken the first step towards revolution by adopting bitcoin as a legal tender.
El Salvador adopted bitcoin as a legal tender due to ample reasons. However, the foremost reason behind this fact is remittance. Remittance is the amount of money that a Salvadoran sends to their family from different countries.
Most of the remittance comes from the United States. The fact might amaze you that the remittance amount nearly reached $6 billion in the recent year. The transaction fees of this remittance were huge.
To ease the international transactions, El Salvador adopted bitcoin as a legal tender. Therefore, all the more adoption of bitcoin as a legal tender will correspondingly embrace the economy and employment rate in the country.
El Salvador’s plan about bitcoin mining
Bitcoin mining is one of the utmost integral parts of the bitcoin complex. Bitcoin mining is not merely a source of income but also maintains the supply of bitcoin. Bitcoin mining refers to verifying bitcoin transactions to avail of bitcoin units as the block reward. Bitcoin miners can only avail of the block reward if they solve math puzzles in 10 minutes. According to proof of work, solving a math puzzle will assign nonce values to almost every transaction. Bitcoin miners use robust bitcoin mining rigs to verify the transactions. This bitcoin mining consumes an exceeding extent of energy, especially electricity, which further affects our environment to an exceeding extent. El Salvador has decided to use green energy to mine bitcoin units. El Salvador is not considering using any ordinary green energy such as solar power, hydropower. Instead, El Salvador is considering using geothermal energy from the volcano present in the inhabitant area of El Salvador. Higher authorities of El Salvador will not waste such robust energy and will make huge money out of it. All the more, this green energy has negligible impacts on the environment and our ecosystem.
The fact might amaze you that currently, a single bitcoin transaction is producing 272 grams of e-waste. The E-waste of bitcoin mining contains several toxins, gases, and other harmful substances. One of the prominent substances present in e-waste is greenhouse gas. Greenhouse gas is the result of a massive amount of fossil fuel burning.
Since Bitcoin miners use electricity as the mere source of energy for bitcoin mining, it leads to the burning of fossil fuels to an exceeding extent. If El Salvador succeeds in using geothermal energy to mine bitcoin units, several companies from different countries will invest in such plants.
The portion mentioned above is everything you should know about El Salvador’s plans for bitcoin mining.
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