Here’s how El Salvador’s Bitcoin experiment is playing out so far

After passing the new law, El Salvador confirmed that it would mine the cryptocurrency using geothermal energy from its volcanoes.

President Bukele said the country is already designing a mining hub that will use "very cheap, 100% clean, 100% renewable" energy from volcanoes to power the operation. In a tweet, he said the country's engineers had dug a new well to provide around 95 MW of green energy, backed by natural volcanic resources.

Google trends show that there has been an exponential rise in English language searches for ‘El Salvador Real Estate’ since the country announced that Bitcoin will be accepted as legal tender.

Following the new laws, the government has attached incentives like no capital gains tax on Bitcoin and permanent residence for crypto entrepreneurs. The president also tweeted that the country will build a satellite infrastructure for its citizens in rural areas to connect to the internet and the Bitcoin network in places where connectivity is poor.

El Salvador's Department of Labor and Social Welfare has clarified that it is not within its authority to determine whether wages can be paid in the cryptocurrency.

Currently, the new law forces firms to accept Bitcoins when offered as payment for goods and services. The government is now debating whether Bitcoin should be used to pay employee salaries in the country since it would boost adoption.