More geothermal energy power source in the process of construction and operation for the upcoming Bitcoin in El Salvador is in the works. This is according to the nation’s president. Nayib Bukele has confirmed that the country is investing in securing a geothermal power source for the project. The proceeds from the sale of so-called “volcano bonds” will finance the project. The country’s president believes in a good chance of discovering a well in the vicinity of the Conchagua volcano. He believes it will be able to provide enough energy to power the entire city on its own.
El Salvador’s president, Nayib Bukele, has announced that the country is investing in geothermal energy development to boost its overall energy production capacity. Bukele added that the power generated from the volcanoes can generate more than 1,000 gigawatts of electricity for the country on an annual basis. This is one of the common reasons why a new geothermal energy source is in the works in El Salvador. The state-owned firm Lageo is the one controlling and maintaining this.
The corporation is currently expanding its good network in order to increase its electricity production. To increase power production, the company is adding more wells. Furthermore, the addition to the system is the four new wells to aid the power production. These statements are from the country’s president, Nayib Bukele.
More Geothermal Energy for Bitcoin City will increase power production
This would help increase the company’s production. According to reports, one of the most advanced wells will be able to supply more than 95 MW (megawatts) of energy to the national electricity grid. Bukele claimed the following about the nature of the energy that is provided. Energy from a source that will last for at least a couple of million years. It will be pure, cheap, and renewable; it will come from the sun.
Bitcoin City will be able to harness its power.
Bukele claimed that they are also drilling new wells for the purpose of supplying geothermal energy to Bitcoin City. It is now under construction. Several years ago, Bukele made the following statement in an article released by the country’s presidency. They have a 90 percent chance of finding a well capable of providing at least 42 megawatts of electricity. It’s enough to power the entire Bitcoin City with electricity.
In addition, If the city’s electricity demand exceeds expectations, other wells will supplement the existing system. Bitcoin City
Bitcoin City, which is scheduled to open in September 2021. It will be powered by renewable and environmentally friendly energy derived from volcanoes.
Some, however, have expressed concern about the concept. Their claims was that the volcanoes in the area are unable to provide enough energy to power the city. According to economist Steve Hanke, the volcano (the Conchagua) to provide electricity to the city was inactive, despite the fact that the city is located near it. Bukele, on the other hand, disputed this position. He pointed out that the majority of geothermal wells were built around inactive volcanoes.
Others have also expressed concern over the use of geothermal energy for bitcoin mining in the country, claiming that it could result in an environmental disaster if it continues.