Nayib Bukele’s plans for cryptocurrencies in El Salvador are still ongoing, and Now the president is asking a geothermal company to make certain facilities available to bitcoin miners.
In a Wednesday tweet from Bukele, The president said he will instruct Mynor Gil, president of the state-run LaGeo, to facilitate mining of Bitcoin (BTC) “using very cheap, 100% clean, 100% renewable, zero-emission energy” from the country’s volcanoes. The company operates the Central American country’s only two geothermal power plants, based in the Ahuachapé and Berlin regions, and announced plans to build new facilities in San Vicente and Chinameca.
I just got the president of @LaGeoSV (our state-owned geothermal electricity company) to develop a plan to build facilities for #Bitcoin Mining with very cheap, 100% clean, 100% renewable, emission-free energy from our volcanoes
That will develop quickly! pic.twitter.com/1316DV4YwT
to???? Nayib bukele (@nayibbukele) June 9, 2021
I have just instructed the president of LaGeo (our state-owned geothermal energy company) to come up with a plan to offer bitcoin mining facilities with very cheap energy, 100% clean, 100% renewable and zero emissions for our volcanoes.
That will develop quickly!
More than half of the country’s energy comes from renewable sources, with an installed geothermal capacity (El Salvador has 23 active volcanoes) of more than 200 MW. However, according to reports, El Salvador’s geothermal energy potential is closer to 644 MW, which means that LaGeo currently uses about 31% of the available electricity generation. According to data from the Cambridge Bitcoin Electricity Consumption Index, Bitcoin consumes more than 116.7 TWh of electricity annually.
The solution to mining lies amid a long list of cryptocurrency actions that Bukele has taken over the past few days. At the Bitcoin 2021 conference in Miami last weekend, the President of El Salvador informed attendees through a recorded message that he would table a bill to introduce Bitcoin as legal tender in the country. a suggestion that was passed with a super majority today in the Legislative Assembly of the Nation.
At the time of this story, the price of Bitcoin is $ 36,021 and has increased more than 10% in the past 24 hours.