The president of El Salvador, Nayib Bukele, has confirmed that the country is making investments to secure a geothermal power source for the construction and operation of the upcoming Bitcoin City, which will be financed with the earnings of the so-called “volcano bonds.” Bukele stated there are high chances of finding a well in the area of the Conchagua volcano that will be able to power the whole city by itself.
El Salvador invests new sources of geothermal energy
Nayib Bukele, president of El Salvador has stated that investments are being made to improve the production of geothermal energy. Bukele stated that the country’s power comes from volcanic eruptions which are managed by the state company Lageo. It produces over 1,000 gigawatts of electricity each year.
To increase power production, the company has been adding wells. Bukele stated that the company was preparing to add four more wells to its system. This would increase production. According to Bukele, one of the newer wells can provide energy of more than 95 megawatts (megawatts). Bukele spoke out about the source of the provided energy.
[It will be]It is clean, affordable, and renewable energy. This source will also last for at least two million years.
Power for Bitcoin City
Bukele said that the company is also drilling wells to power Bitcoin City. Bukele claimed in an article by the President of the Country:
A 90% chance of finding a well that has the capability to produce at least 42 MW is possible. This is enough to supply energy for the whole Bitcoin City.
Further, he explained that other wells can be used to augment the power supply if there is a greater demand for it than anticipated. Bitcoin City will use renewable, green energy from volcanoes to power it, as announced September 20, 21.
Some people believe that the volcanic activity around the city is incapable of producing this kind of energy. Steve Hanke (economist) is one example. said The volcano that will power the city, the Conchagua (or Conchagua), was not active. Bukele however, was active. rebuffedThis is because most geothermal wells are located around active volcanoes.
Some have also criticised the use of geothermal energy in mining Bitcoin in the country.
What do you think about El Salvador’s new investments in geothermal energy? Comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.