Hot like lava is the Bitcoin mining scene in El Salvador, with its president looking to harness the power from volcanoes to operate the mining facilities in the nation.
Specifically, president Nayib Bukele is having major plans for the national crypto scene, with the latest initiative being urging a geothermal power firm fueling numerous facilities for Bitcoin miners.
The president reportedly revealed that he would roll out instructions to Mynor Gil – Head of the state-owned electrical firm LaGeo, to offer “very cheap, 100% clean, 100% renewable, 0 emissions energy” to support Bitcoin mining, straight from the volcanoes in the country.
The company is reportedly in charge of running the only two geothermal power plants in El Salvador, located in the Ahuachapán and Berlín areas, with further plans down its pipeline to build new centers situated in San Vicente and Chinameca.
Over 50% of the nation’s energy is reportedly generated from renewable energy, with a geothermal power installed capacity – El Salvador currently hosts 23 active volcanoes – of over 200 Megawatts.
Nonetheless, El Salvador’s geothermal power potential is said to be near the 644 MW benchmark, which potentially results in LaGeo accessing approximately 31% of the power generation available.
The new source of fueling power for Bitcoin mining is reportedly among many projects supporting crypto adoption by the president. During the Miami Bitcoin 2021 conference, Bukele disclosed that he is proposing a bill to equip Bitcoin with the legal tender status in El Salvador – which has received a supermajority approval in the nation’s Legislative Assembly on June 10th.