Should the country’s proposed Bitcoin City’s power usage exceed the volcano’s capacity, geothermal energy can be acquired from other sources, according to Nayib Bukele, El Salvador’s President, Nayib Bukele, has stated that the country’s Bitcoin City project will be powered by geothermal energy from one of the country’s inactive volcanoes.
Bukele stated in a Sunday notice that there was a 90 percent chance of exploiting the Conchagua volcano to supply 42 megawatts — “enough to provide energy to the entire Bitcoin City.” The Salvadoran president stated that the state-owned electrical business LaGeo was continuing to enhance geothermal power output from various volcanoes across the nation, with one site capable of producing 95 megawatts.
There have been no verified historical eruptions at Conchagua, which is located near El Salvador’s eastern border and overlooks the Gulf of Fonseca. According to Bukele, if the country’s proposed Bitcoin City’s power usage exceeds the volcano’s capability, it can be sourced from other sites. Any energy surplus, he stated, will be used to mine Bitcoin (BTC) to help El Salvador’s finances. Bukele earlier reported several crypto purchases totaling 1,391 BTC, worth more than $57.7 million at the time of publication, following a temporary price drop below $40,000.
Bitcoin City to Power Tourism, Commerce, and Engineering
Bukele first suggested that LaGeo make some of its services available to BTC miners in June, shortly after declaring his desire to make the cryptocurrency legal tender. El Salvador’s president announced in November that the country was planning to build a Bitcoin City with $1 billion in BTC bonds. Bitfinex and Blockstream, two cryptocurrency exchanges, have stated that they will support the project.
Bitcoin Metropolis, according to the president, will become a fully functional city with jobs in tourism, construction, commerce, and engineering. There will be no capital gains, income, property, or payroll taxes, according to reports.