Bitcoin

Speculation is rife in the crypto sector following Qatar Prince Tamim Bin Hamad Al Thani's official visit to El Salvador on September 13, 2023. Despite holding contrasting positions on crypto adoption, a potential collaboration between the two countries is buzzing in the crypto community. Experts and enthusiasts ponder over the prospect of joining forces in crypto mining projects, where energy meets Bitcoin, according to <a href="https://www.cryptopolitan.com/could-qatar-be-part-of-el-salvadors-bitcoin-mining-project-after-qatars-prince-official-visit/" rel="noopener noreferrer nofollow">cryptopolitan</a>. 
El Salvador, renowned for being the first nation to legalize Bitcoin, is fostering substantial developments in the crypto space. The nation's president, Nayib Bukele, initiated a groundbreaking move in 2021, establishing Bitcoin as a legal tender. Subsequently, the El Salvador government announced a significant partnership with Volcano Energy group. This joint venture, valued at a staggering $1 billion, aims to set up the largest Bitcoin mining farms globally. This ambitious initiative, with an initial fund of $250 million, enjoys backing from industry titans like <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">Tether</a> and renewable energy developers. Set in the Metapán region, the project aspires to generate over 1.3 exahash/second using wind and solar energy. 
Contrastingly, Qatar maintains a cautious approach towards cryptocurrencies. Despite the Central Bank's repeated warnings regarding the volatile nature of cryptocurrencies and their association with financial crimes, crypto trading thrives in the country. Moreover, a recent FATF report suggested Qatar to enhance its preventive measures concerning virtual assets and their service providers. However, the nation is embracing blockchain technology, as indicated by the launch of its digital assets lab in October. 
This rendezvous between leaders from Qatar and El Salvador ignites speculation about potential crypto collaborations. While some remain optimistic about joint ventures in Bitcoin mining, others deem it unlikely, considering Qatar's stance on cryptocurrencies. Furthermore, the anticipation of green hydrogen projects is also in the air, resembling Qatar's past initiatives with Royal Dutch Shell and H2Korea. 
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Bitcoin Mining Collaborations on the Horizon? Qatar’s Prince Visits Crypto-Friendly El Salvador

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