El Salvador adds further geothermal energy sources to supply Bitcoin City with electricity -

The President of El Salvador, Nayib Bukele, has confirmed that the country creates investments to secure a geothermal power source for the construction and operation of the upcoming Bitcoin City, which is financed with the income of the so -called "volcanic bonds". ”Bukele said that there is good chances to find a source in the area of ​​the Vulkans Conchaagua that can supply the whole city with electricity on its own.

El Salvador invests in new geothermal energy sources

The President of El Salvador, Nayib Bukele, has confirmed that the country made investments to increase its geothermal energy production. Bukele explained that the electricity from the volcanoes, which is managed and serviced by a state company called Lageo, generates more than 1,000 gigawatts for the country every year.

The company now adds further holes to increase its electricity production. According to Bukele, the company is preparing the inclusion of four new boreholes in the system that would contribute to production. One of the more advanced holes will allegedly be able to feed more than 95 MW (megawatts) into the national network. Bukele said about the type of energy provided:

[It will be] clean, cheap and renewable energy from a source that lasts at least a few million years.

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Electricity for Bitcoin City

to provide Bitcoin City with geothermal energy, Bukele explained that you would also drill new wells for this. According to an article published by the country's presidency explained Bukele:

We have a 90 percent probability of finding a fountain (with capacity) that makes at least 42 MW (contribution). Enough to supply the entire Bitcoin City with energy.

He further explained that if the city has a higher electricity requirement than expected, other fountains in preparation can be used to add it. Bitcoin City, announced in September 2021, is to be operated from the volcanoes with renewable and green energy.

However, the project was criticized by some of them that believe that the volcanoes around the city cannot produce this energy. This is the case of the economist Steve Hanke, the said that the volcano was supposed to drive (the conchaagua). But bukele rejected this position with the testimony that most geothermal fountain is built around inactive vulkanes were.

others also The use From geothermal energy for Bitcoin mining in the country, on the grounds that this could end in an environmental disaster.

What do you think of El Salvador's new investments in geothermal energy? Tell us in the comment area below.

sergio goschenko

sergio is a cryptocurrency journalist based in Venezuela. He described himself as late at the game and entered the cryptosphere when the price increase took place in December 2017. With a background in computer technology that lives in Venezuela and is affected by the cryptocurrency boom at the social level, it offers a different view of the crypto success and how it helps the non-banks and under-sector.

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