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El Salvador to mine bitcoin using volcanic energy

El Salvador

The president of El Salvador Nayib Bukele has announced that the country is investigating bitcoin mining utilizing electricity from its volcanoes. He explained, “Our engineers recently notified me that they built a new well that would deliver roughly 95MW of 100% pure, zero-emissions geothermal energy from our volcanos.”

“I’ve just instructed the president of La Geo (our state-owned geothermal electric company) to put up a plan to offer facilities for bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos. This is going to evolve fast,” wrote the president of El Salvador on Twitter. 

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The president promptly followed up with another tweet that reads:

“Our engineers just informed me that they dug a new well that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos. Starting to design a full bitcoin mining hub around it. What you see coming out of the well is pure water vapor.”

The decision to use energy from volcanoes for the purpose of bitcoin mining was welcomed by bitcoiners, who see it as a bullish move. His tweet was promptly flooded with tens of thousands of likes and retweets. Twitter CEO Jack Dorsey was one of the commentators, writing, “Bitcoin incentivizes green energy.”

As the Salvadoran Congress debated his bill to make bitcoin legal tender, the president first announced his bitcoin mining ambitions on a Twitter Spaces chat hosted by Nic Carter on Wednesday morning. More than 20,000 individuals tuned in to hear Carter’s panel talks. Following that, the law was passed with a supermajority.

President Bukele was asked if he planned to mine bitcoin. He stated that the government intended to build infrastructure and promote development around its geothermal energy source. “We want to encourage industrial parks on the fringes of the plants where you can build up your manufacturing and obtain inexpensive, clean, renewable [energy],” he explained. He went on to say that given the near proximity to inexpensive, clean power, bitcoin miners would find these parks perfect.

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