El Salvador President Nayib Bukele tweeted that LaGeo, a state-owned geothermal power company, has been tasked to develop a plan to mine Bitcoin using volcanic energy.
There are about 20 potentially active volcanoes in the country, and over the past 500 years, Chaparrastik volcano, the biggest in El Salvador has experienced more than 25 eruptions.
El Salvador geothermal energy is completely clean and renewable. The Country President said on Twitter:
I’ve just instructed the president of LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin MINING with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos. This is going to evolve fast!
In the latest Development, Mr Nayib Bukele was informed by their engineers that:
Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos. Starting to design a full Bitcoin mining hub around it. What you see coming out of the well is pure water vapor.
Mr Nayib Bukele Tweets:
Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos 🌋
Starting to design a full #Bitcoin mining hub around it.
What you see coming out of the well is pure water vapor 🇸🇻 pic.twitter.com/SVph4BEW1L
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
El Salvador’s “Bitcoin Law” was proposed by Bukele last week and quickly went into effect following its submission to the Legislative Assembly, which Bukele’s party controls with a two-thirds majority.
The law recognizes cryptocurrency as legal tender and requires businesses to accept BTC as payment as long as they are not in rural areas where there is no internet access. In addition, it exempts bitcoin trading from capital gains taxes.