El Salvador's president mocks Sweden's anti-bitcoin stance

El Salvador's president mocks Sweden's anti-bitcoin stance

Salvadoran President Nayib Bukele recently took to Twitter to comment on Sweden's anti-bitcoin mining stance. Responding to a tweet that jokingly taunted El Salvador's use of volcanic energy to mine bitcoin, Bukele noted that Swedish authorities may have to wait longer than expected as it would take millions of years for El Salvador's volcanic energy. become scarce and eventually become extinct.

Earlier this month, Swedish authorities called on the European Union for a ban on mining of "energy-intensive" cryptocurrencies. According to leading official figures, the increase in energy consumption of cryptocurrencies has affected Sweden's ability to meet its obligations under the Paris climate agreement, posing a threat to sustainability. Swedish authorities presented bitcoin mining statistics, claiming that the nation’s energy use from bitcoin mining increased significantly between April and August of this year. In addition, they found that consumption has increased using the electricity of around 200,000 households.

Last month, El Salvador began mining bitcoin using volcanic energy, after being became the first nation to implement bitcoin as legal tender. According to President Bukele, sustainable bitcoin mining was a top priority after overtaking BTC as legal tender. However, the internal and global backlash following the announcement of the BTC law has overshadowed the country's volcanic mining development plans. But it appears that El Salvador has passed its tipping points, as the country is currently enjoying infrastructural developments emerging from profits gained through bitcoin.

Earlier this month, Salvadoran authorities announced plans to build 20 schools and a veterinary hospital exclusively for Bitcoin Profits. He also claims that the hospital will generate jobs by hiring 300 Salvadorans, adding high-paying jobs to the economy. However, the president did not forget to mention the government's struggles, noting that the country would never have gotten this far if the authorities bowed, given global and domestic pressures, including discouragement from the opposition.

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