Single inactive volcano has 90% chance of powering El Salvador’s Bitcoin City, according to president

El
Salvador’s
President
Nayib
Bukele
has
claimed
officials
will
be
able
to
use
geothermal
energy
from
one
of
the
country’s
inactive
volcanoes
to
power
its
Bitcoin
City
project.

In
a
Sunday
notice,
Bukele

said

there
was
a
90%
probability
of
using
the
Conchagua
volcano
to
supply
42
megawatts

“enough
to
provide
energy
to
the
entire
Bitcoin
City,”
according
to
the
president.
The
Salvadoran
leader
said
the
state-owned
electrical
company
LaGeo
was
continuing
to
increase
its
production
of
geothermal
power
from
different
volcanoes
in
the
country,
with
one
of
the
sites
believed
capable
of
producing
95
MW.


Source:

Twitter

Conchagua,
located
near
El
Salvador’s
eastern
border
and
overlooking
the
Gulf
of
Fonseca,
has
had
no
confirmed
historical
eruptions.
According
to
Bukele,
should
the
power
consumption
of
the
country’s
planned
Bitcoin
City
exceed
the
volcano’s
capacity,
it
can
be
sourced
from
other
sites.
He
said
any
energy
surplus
would
also
be
used
for
mining
Bitcoin
(BTC)
to
add
to
El
Salvador’s
coffers.
Bukele
has
previously
announced
several
crypto
buys
totaling
1,391
BTC

more
than
$57.7
million
at
the
time
of
publication

following
the
brief
price
drop

under
$40,000.



Related:




El
Salvador:
How
it
started
vs.
how
it
went
with
the
Bitcoin
Law
in
2021

Bukele
first
proposed
having
LaGeo
make
some
of
its

facilities
available
to
BTC
miners

in
June
shortly
after
announcing
his
intention
to
make
the
crypto
asset
legal
tender.
In
November,
El
Salvador’s
president
said
the
country

planned
to
launch
a
Bitcoin
City

funded
by
$1
billion
in
BTC
bonds.
Both
crypto
exchange
Bitfinex
and
Blockstream
have
said
they
plan
to
support
the
initiative.

The
president
aims
for
Bitcoin
City
to
become
a
fully
functional
city
with
jobs
in
tourism,
construction,
commerce
and
engineering.
Residents
will
reportedly
pay
no
capital
gains,
income,
property
or
payroll
taxes.

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