Day 1 of the Fourth Quarter has come with pleasantries for the crypto community as Bitcoin prices hiked back above $47,000, in turn boosting Bitcoin Mining firms’ shares in the market. Marathon Digital Holdings Inc., Riot Blockchain Inc., and Bit Digital Inc. all three companies rose over 7% in premarket trading today, as Bitcoin (BTC) saw a 10% jump in the morning.
Bitcoin and altcoins added a total of $170 billion to the $2 trillion crypto market during Day 1 of the fourth quarter. Bitcoin led the bullish beginning with a 10.62% surge, rising from a daily low of $42,860 to a daily high of $47,668. However, BTC saw a minor correction in the evening with just a 1 percent fall, maintaining BTC’s price above the $47K bracket. Nevertheless, the Bitcoin community considers the fall to be routine and hardly impactful.
Bitcoin Mining through Volcanic Energy
Bitcoin mining that was earlier one of the biggest causes for wasteful energy consumption has started to become sustainable with governments launching innovative technologies. El Salvador President, Nayib Bukele recently announced that the country has begun its formerly promised, volcanic geothermal Bitcoin mining facility, i.e., mining BTC from the nation’s volcanic energy. President Bukele further stated that testing and installation remain in process, but the country has officially started mining Bitcoin.
Earlier this year, during the month of June, President Bukele had confirmed that the Salvadoran government had instructed the country’s geothermal electrical company, LaGeo, to put together a plan for establishing Bitcoin mining facilities to enable cheap and clean energy through El Salvador’s volcanoes.
“On the outskirts of the plants…we want to promote industrial parks where you can set up your factory and you will receive cheap, clean, renewable [energy].”, according to a Forbes report.
However, the geothermal plants’ project was never directed towards helping the implementation of El Salvador’s Bitcoin legal tender through Bitcoin Mining. Nevertheless, President Bukele has suggested that Bitcoin miners might find these parks ideal for their operations given the proximity to cheap, clean, electricity.