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Bukele jokes about Sweden’s proposal to ban energy intensive use for bitcoin mining

Posted: 25 Nov 2021 16:25 GMT

The president of El Salvador responded to an ironic tweet about the use of volcanic energy for cryptocurrency mining.

The announcement by the President of El Salvador, Nayib Bukele, to implement bitcoin as legal tender and the use of volcanic energy to mine it runs counter to the policy of Sweden, contrary to this activity due to its high demand for energy. In this context, the Central American president used his Twitter account to to joke on the position of the European nation.

Responding to a message that Sweden was curious about whether Bukele could turn off the volcano, the president replied: “It will turn itself off, but the Swedish authorities they will have to wait a couple of million years for that. “” If humanity still exists, we will probably be harnessing the power of the center of the galaxy by then, “he added.

Bukele’s comment came days after Swedish authorities asked the European Union to ban energy-intensive crypto mining, as it threatens the ability of the Scandinavian country to comply with the obligations against climate change established in the Paris Agreement. In addition, they pointed out that bitcoin mining increased “several hundred percent” between April and August this year, using the equivalent electricity of about 200,000 homes.

Ethereum Co-Founder: The mandatory implementation of bitcoin in El Salvador goes against the "ideals of freedom"

For this reason, among other measures, they requested that companies that trade and invest in cryptoactives be prohibited from describing their activities as environmentally sustainable.

The city of bitcoin

Bukele announced on Saturday November 20 that he plans to build ‘Bitcoin city’, the the world’s first ‘bitcoin city’, which will be financed with bonds backed by the cryptocurrency.

The project will be built in the city of Conchagua, department of La Unión, and will be shaped like a circle, imitating a coin. “There will be a plaza with the ‘B’ of bitcoin carved into it, allowing light to enter the exhibition halls of the bitcoin museum. This is where people will learn about the evolution of money: from stones to perfection. of ‘blockchain’ “, they described from the Salvadoran Presidential House.

According to Bukele, the futuristic city will have residential areas, shopping centers, restaurants, a port, an airport, a train, “everything around bitcoin”; while its inhabitants will be exempt from paying taxes with the exception of VAT. The energy needed to power it will be obtained from a geothermal power plant located in the Conchagua volcano.

About the author

Donna Miller

Donna is one of the oldest contributors of Gruntstuff and she has a unique perspective with regards to Science which makes her write news from the Science field. She aims to empower the readers with the delivery of apt factual analysis of various news pieces from Science. Donna has 3.5 years of experience in news-based content creation, and she is now an expert at it. She loves journalism, and that is the reason, she moved from a web content writer to a News writer, and she is loving it. She is a fun-loving woman who has very good connections with every team member. She makes the working environment cheerful which improves the team’s work productivity.

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