Protesters Took to the Streets of El Salvador Because of the Recognition of Bitcoin
On Tuesday, September 7, a law came into force in the country declaring bitcoin an official means of payment along with the US dollar. El Salvador became the first country in the world to grant this digital currency a similar status. Now citizens will be able to use bitcoins to pay for goods and services using a special Chivo electronic wallet. However, the adoption of the law coincided with a drop in the price of bitcoin, which fell from $52 thousand to $43 thousand. Opposition politicians said that as a result, one of the poorest countries in Latin America lost $3 million. This provoked the indignation of citizens.
It is noted that the number of protesters is still small. They plan to walk to the parliament building. One of the protesters believes that bitcoin is a currency with a high level of volatility, which will not benefit the people of El Salvador.
Earlier it was reported that in one year, the global bitcoin mining takes seven times more electricity than the entire Google company consumes, the New York Times estimated. According to the newspaper, at the moment, bitcoin mining requires about 91 terawatt-hours of electricity per year. This is 0.5% of all electricity in the world. For example, the tech giant Google absorbs 7 times less energy.
The publication notes that every year cryptocurrency mining becomes more difficult, which is why there is a need for new and more powerful equipment, which in turn will consume even more energy. The New York Times fears that mining can worsen the climate crisis, and the amount of electricity consumed is a direct proof of this.