Volcano Energy Bitcoin Mining Pool Goes Live ( bitcoinmagazine.com )

cross-posted from: https://discuss.tchncs.de/post/4235539

I just finished Alex Gladstein's Hidden Repression today, a book about how the IMF and World Bank extract wealth on a massive scale from former colonies by creating a quasi colonial fiat financial system instead of using military power.

That a country can now use its natural resources like geothermal power for something else than powering industrial projects for wealth extraction by western corporations has the potential to be a real game changer.

From the article:

Moreover, El Salvador intends to reinvest the profits generated from Bitcoin mining into enhancing energy transmission and distribution infrastructure, strengthening the nation's energy systems.

Local development for the people is possible because the profits do not end up in western pockets. We'll have to see though if this plan will work, or if the profits will only enrich the local elite, like it normally does with IMF and World Bank initiatives.