El Salvador will create the first Bitcoin City in the world. Remember that this Central American country became the first cryptocurrency laboratory in September and has been the pioneer in the world in accepting bitcoin as a legal currency.
Nayib Bukel said: You can pay everything with bitcoin, even those imposed by the president, who, at the same time, it is advancing to deploy bitcoin mining using the geothermal resources of El Salvador.
At the same time, he points out that he plans to increase geothermal production to fuel Bitcoin. He released more details about the modern city powered by geothermal energy.
In a press release, he indicated that geothermal energy production is under the supervision of the LaGeo company. First, we must know a little
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What is Geothermal Energy?
Geothermal energy is one of the lesser-known but more efficient renewable energy sources. It is the energy obtained through the use of the heat of the interior of the Earth. Therefore, it refers to an immense resource, a renewable, sustainable, and inexhaustible energy source.
Cryptocurrency Mining Geothermal Energy
Large columns of steam rise through the mountains in berling to the East of Salvador, there a geothermal plant has become the epicenter of the mining or generation of bitcoin, in this country where crypto has legal use and trust the transfer via Bitcoin is very high.
Bitcoin mining is the process by which large computers generate new bitcoins; for them, the machines solve complex mathematical problems, whose operation demands a large amount of energy.
To solve the problem of high energy consumption, the Government of Nayib Bukele wants to use clean and renewable energy from volcanoes.
The buckle government is highly respectful of the environment. This energy, by its nature, is 100% green; we are encouraging this type of energy, we are clear that not many governments have it.
It should also note that the Government of El Salvador has been a pioneer in geothermal for more than 50 years.
El Salvador has produced a quarter of its electricity for years with geothermal energy from its 23 volcanoes. The facilities to obtain these sources have existed for decades.
The Salvadoran Government has now installed a Bitcoin mining center next to these facilities to feed them with energy from this volcanic activity.
And with the Government’s innovation regarding the construction of Bitcocity, it will be built near the Conchagua volcano, thus taking advantage of geothermal energy to power both the city and bitcoin mining.
They comment that a single inactive volcano has around 87% chance of feeding the Bitcoin City of El Salvador.
If this option of electricity generation is long-awaited and expected Bitcoin City go beyond the volume of the volcano, it can obtain geothermal energy from other places; indisputably, there is enough geothermal energy to supply Bitcoin City.
It should note that the creation of geothermal energy will be under the Salvadoran company LaGeo. At the same time, the architect Fernando Romero defined ‘recycled’ the project he designed for the border between Mexico and the US and finally turned it into Nayib Bukele’s dream.
One billion dollars finance Bitcoin City in BTC bonds. In addition, the exchanges and Blockstream have said they plan to support the initiative.
Bitcoin City will light up with the energy of the Conchagua volcano
According to the president of Salvador, the Bitcoin City pioneer role model comments that it has convert a completely useful city with employments in travel, building, commerce, and business.
Conclusions
El Salvador begins to generate bitcoin thanks to geothermal energy. The first authority of el Salvador has announced through a short video that el Salvador has started its digital mining operations thanks to the use of renewable energy from volcanoes located in Salvadoran territories.
El Salvador has invested in an infrastructure to collect geothermal energy from volcanoes, currently satisfying 23% of the total energy consumed in the Salvadoran domestic market.
More and more alternative energy sources do generate when it comes to protecting the environment. However, the electricity consumption caused by mining represents a considerable limitation for a population since this mining equipment consumes a lot of electricity.
It is a great idea to consume geothermal energy for El Salvador since it has a diversity of volcanoes among its natural assets.
