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Nayib Bukele, the laser-eyed president of El Salvador, is turning the heat on his country’s rapidly growing bitcoin boom.
On his personal Twitter page, the President of El Salvador announced that he wanted to build electronic excavators powered by volcanoes.
Nayib Bukele: Build Volcano-Powered Crypto Miners
Less than 14 hours after securing approval for a bill to make bitcoin legal tender in the Central American country, Bukele said he directed El Salvador’s geothermal company, LaGeo, to let miners power-hungry bitcoin plugs into the volcanic resources of your country. Connecting bitcoin mining operations to state-run geothermal plants can be a lucrative tie-in.
“I have just instructed the president of @LaGeoSV (our state-owned geothermal power company) to plan to provide #Bitcoin mining facilities with very cheap, 100% clean, 100 percent energy. % renewable, 0 emissions from volcanoes,” the 39-year-old president tweeted Wednesday.
He further pledged: “This is going to grow fast!”
That could be the big crypto event of the year. El Salvador successfully bid for bitcoin legal tender and pledged to spend up to $150 million to buy unwanted coins from its citizens. Both of these moves are unprecedented. And both have happened since Saturday.
The idea of building cryptocurrency miners powered by volcanoes of the President of El Salvador
“We don’t think about mining [bitcoin],” he told a Twitter Spaces chat hosted by bitcoin gadfly Nic Carter on Tuesday night, “but of course, we can do something to boost mining. And we have some right now thinking about it, I mean, I haven’t thought about it – but right now thinking about it. “
His sudden thought then occurred to him: El Salvador has hundreds of megawatts of untapped geothermal potential as well as a network of unused power plants. It’s cheaper to plug it right into the factory than to ship the power elsewhere. An opportunity awaits.
“So maybe someone wants to set up a mining facility with cheap, clean, renewable energy, but it’s just a thought – I’m just thinking about it right now,” he told the crowd. 25,000 people.
The rapid pace at which that newly formed thinking evolved into a formal plan of action underscores Bukele’s ability to hold power. It also points to the economic potential of El Salvador’s sudden and spiraling bitcoin boom.
“Every day is a new idea,” Bukele said on Tuesday night
More than half of the country’s energy comes from renewables, with installed capacity being geothermal – El Salvador is home to 23 active volcanoes – over 200 megawatts. However, reports suggest that El Salvador’s geothermal power potential is closer to 644 MW, meaning that LaGeo currently operates about 31% of its existing electricity. According to data from the Cambridge Bitcoin Electricity Consumption Index, Bitcoin uses more than 116.7 terawatt-hours of electricity each year.
The official announcement of using volcanic energy to mine Bitcoin comes on the same day as the passage of a historic law declaring bitcoin is now legal in El Salvador, sparking speculation about whether the dollar nations whether or not others may comply.
Their entry into bitcoin mining is a new angle so far, with the country clearly having an abundance of renewable geothermal energy, in El Salvador accounting for 25% of their total energy production.
Geothermal energy is heat emitted from the lower surface of the earth. It is contained in rocks and fluids beneath the earth’s crust and can be found deep within the earth’s molten rock, magma.
To produce energy from geothermal energy, wells are dug a mile deep into underground reservoirs to access steam and hot water there, which can then be used to drive connected turbines. with generator.
This hot lava will now power digital gold as El Salvador runs out of bitcoin.
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