The President of El Salvador, Nayib Bukele, affirmed that the authorities will be able to use geothermal energy from one of the dormant volcanoes of the Central American country to power their “Bitcoin City.”
In a statement on Sunday, Bukele said there was a 90% chance of using the Conchagua volcano to supply 42 megawatts, “enough to power the entire Bitcoin City.” according to the president. The Salvadoran president said that the state power company LaGeo continues to increase its production of geothermal energy from different volcanoes in the country, and that one of the sites is believed to be capable of producing 95 MW.
El Conchagua, located near the eastern border of El Salvador and overlooking the Gulf of Fonseca, has not had any confirmed historical eruption. According to Bukele, in the event that Bitcoin City’s projected energy consumption exceeds the volcano’s capacity, more will be available from elsewhere. He said that any surplus energy would also be used to mine Bitcoin (BTC) that will be destined for the coffers of El Salvador. Bukele has previously announced several purchases of the cryptocurrency totaling 1,391 BTC, more than $ 57.7 million following the cryptocurrency’s brief price drop below $ 40,000.
Bukele first proposed that LaGeo make some of its facilities available to BTC miners in June of last year, shortly after announcing its intention to convert the cryptoasset into legal tender in the country. In November, the President of El Salvador said the country planned to launch a Bitcoin City funded by a billion dollars in BTC bonds. Both the Bitfinex exchange and Blockstream have said they plan to support the initiative.
The president intends for the Bitcoin City to become a fully functional city with jobs in tourism, construction, commerce and engineering. Residents will not pay taxes on capital gains, income, property or payroll.
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