Cryptocurrency News

El Salvador’s President Wants to Build Volcano-Powered Crypto Miners

Nayb Bukele’s plans for crypto in El Salvador are still in motion, with the president now calling on a geothermal power company to provide some facilities to bitcoin miners.

In a Wednesday tweet from Bukele, the president said he would instruct Mayor Gil, president of state-owned power company Lazio, to facilitate bitcoin.B T c) Mined from the country’s volcanoes with “very cheap, 100% clean, 100% renewable, 0 emissions energy”. The firm operates only two geothermal power plants in El Salvador, located in the areas of Ahuachapán and Berlin, with the construction of new facilities in San Vicente and Chinameca announced.

More than half of the country’s energy comes from renewable energy, with a geothermal power installed capacity – El Salvador is home to 23 active volcanoes – of more than 200 megawatts. However, the report suggest El Salvador’s geothermal power potential is close to 644 MW, which means that Lazio is currently harnessing about 31% of the available electricity generation. According to data from the Cambridge Bitcoin Electricity Consumption Index, bitcoin use More than 116.7 terawatt-hours of electricity per year.

The mining solution comes amid a long list of pro-crypto actions taken by Bukele over the past several days. At the Bitcoin 2021 conference last weekend in Miami, the President of El Salvador told attendees via a recorded message that he would introduce a bill To make bitcoin legal tender in the country — a proposal that passed with a majority Earlier today in the Legislative Assembly of the country.

At the time of publication, bitcoin is priced at $36,021, up more than 10% in the past 24 hours.