El Salvador to Add More Geothermal Energy Sources to Power Bitcoin City – Bitcoin News

El Salvador’s president, Nayib Bukele, has confirmed that the country is making investments to secure a geothermal energy source to build and operate the next Bitcoin City, which will be funded from the profits of so-called “volcanic bonds.” Bukele stated that there are high chances of finding a well in the area of ​​the Conchagua volcano that will be able to power the entire city on its own.

El Salvador is investing in new geothermal energy sources

El Salvador’s president, Neb Bukele, confirmed that the country is making investments to increase its geothermal production. Bukele explained that the energy coming from the volcanoes, which is managed and maintained by a state company called Lageo, produces more than 1,000 gigawatts for the nation annually.

The company is now adding more wells to increase its energy production. According to Bukele’s statements, the company is preparing to include four new wells in the system that will contribute to production. One of the more advanced wells is supposed to be able to provide more than 95 megawatts (megawatts) of power to the national grid. Regarding the nature of the energy provided, Bukele said:

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

The Power of Bitcoin City

On the topic of providing geothermal energy to Bitcoin City, Bukele mentioned that they are also drilling new wells for this purpose. According to an article published by the Presidency of State, Bukele stated:

We have a 90% probability of finding a well (capacity) of (contributing) at least 42 megawatts. Enough to power the entire bitcoin city.

He further explained that if the city’s energy demand is greater than expected, other wells in the pipeline can be used to supplement it. Bitcoin City, announced in September 2021, will be powered by renewable and green volcanoes.

However, the project has been criticized by some who believe that the volcanoes around the city are incapable of producing this energy. This is the case of the economist Steve Hanke, who He said The volcano that was supposed to power the city (Conchagua) was inactive. However, Bukele to reject This position is by saying that most geothermal wells are built around inactive volcanoes.

Others have also criticized the use of geothermal energy for bitcoin mining in the country, noting that it could end in environmental disaster.

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

sergio@bitcoin.com

Sergio Goshchenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as a latecomer, he entered the crypto space when the price spike occurred during December 2017. Because he has a background in computer engineering, lives in Venezuela, and is influenced by the crypto boom on a social level, he offers a different perspective on the success of crypto and how it helps people who They do not deal with banks and the disadvantaged.

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