El Salvador’s President Nayib Bukele has confirmed that the country is investing to secure geothermal energy for the construction and operation of the upcoming Bitcoin City, which will be funded by the proceeds of a so-called “volcano bond.” Bukele said there is a good chance of finding a well in the Conchagua volcanic area capable of powering the entire city on its own.

El Salvador invests in new geothermal energy

El Salvador’s President Nayib Bukele has confirmed that the country is investing to increase its geothermal energy production. Bukele explained that electricity from the volcano is managed and maintained by a state-owned company called Lageo, which produces more than 1,000 gigawatts of electricity annually for the country.

The company is now adding more wells to increase its power generation. According to Bukele’s statement, the company is preparing to incorporate four new wells into the system, which will aid production. One of the more advanced wells is speculated to be capable of supplying more than 95 megawatts (megawatts) of energy to the national grid. Regarding the nature of the energy provided, Bukele stated:

[It will be] Clean, cheap and renewable energy sources that will last for at least millions of years.

The Power of Bitcoin City

On the topic of using geothermal energy to power Bitcoin City, Bukele said they are also drilling new wells for this purpose.According to an article post During the National Presidency, Buchler said:

We have a 90% probability of finding a well that is (capable) at least (contributing) 42 MW. Enough to power the entire Bitcoin City.

He further explained that if the city’s electricity demand is more than expected, it could be supplemented with other wells that are being prepared. Bitcoin City announced in September 2021 that it will be powered by renewable green energy generated by the volcano.

However, the project has been criticized by some who say the volcanoes surrounding the city cannot generate this energy.This is the case of economist Steve Hanke, who Say The volcano (Conchagua) that is said to power the city is inactive.However, Buckler be rejected This position suggests that most geothermal wells are built around inactive volcanoes.

others have criticize Bitcoin is mined using geothermal energy in the country, noting that it could end in environmental disaster.

What do you think of El Salvador’s new investments in geothermal energy? Let us know in the comments section below.


Sergio Goshenko

Sergio is a cryptocurrency journalist in Venezuela. He describes himself being late to the game, entering the crypto space when prices rose in December 2017. With a computer engineering background, living in Venezuela, and being affected by the cryptocurrency craze on a social level, he offers a different perspective on the success of cryptocurrencies and how it can help the unbanked and underserved.

Image Source: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.


Source link