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Bitcoin is still a far way to older and illiterate people in El Salvador

In September, El Salvador made history by adopting Bitcoin as legal tender in the country. Central American nation is the first to take a risk in declaring Bitcoin as official currency. But many people are still struggling to make sense of it. Financially weaker section people in the country hardly afford to buy the smartphone and older people who can afford smartphones but are unable to understand the technology. 50% of people were phones without internet access. Bitcoin can’t work without the internet and blockchain technology. As per government stats, one-fourth of El Salvadorians (6.4 million) are using Bitcoin in the country.


It seems that President Nayib Bukele promotes digital currency but has not paid much attention to educate the people and develop the infrastructure that is suitable for Bitcoin. He encouraged people to buy Bitcoin whenever it dips in the market. The country has 200 Bitcoin ATMs and 700 coins as its national reserve. When we talk about Bitcoin we should talk about its mining. Bitcoin mining is too much expensive in some nations whereas it is cheapest in some regions. Bitcoin mining is not eco-friendly. China was initially encouraged Bitcoin mining but it was banned recently saying the environmental reasons. Elon Musk announced that Tesla wouldn’t accept Bitcoin due to its energy usage.


Mining with 100% renewable energy

As per one study, for Bitcoin mining in California and Connecticut, electricity costs 18 to 19 cents per kilowatt-hour, more than double that in Texas, Wyoming, Washington, and Kentucky. But El Salvador is doing it differently. Bitcoin mining in the country is with 100% renewable energy. The country using natural resources for its mining. El Salvador has started mining Bitcoin by using the energy from volcanoes. The video which was released by President Nayib Bukele is showing how mining works is going on using volcano energy. Bitcoin mining in El Salvador with 100% clean, 100% renewable with 0% emissions of carbon. 

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