Home News El Salvador president teases geothermal Bitcoin mining farm

El Salvador president teases geothermal Bitcoin mining farm

NEW YORK, NEW YORK - SEPTEMBER 26: President Of El Salvador Nayib Bukele visits "The Story With Martha MacCallum" at Fox News Channel Studios on September 26, 2019 in New York City. (Photo by Roy Rochlin/Getty Images)

The President of El Salvador, Nayib Bukele, published on Twitter a video showing the preparation for Bitcoin (BTC) mining at one of the geothermal energy facilities.

The recording demonstrates the arrival of containers with the government logo on the territory of the enterprise. Also, the connection of ASIC miners to the network.

Thus, the head of state added an emoji with an image of a volcano to the Bitcoin hashtag in a tweet. “The first steps,” Bukele wrote. In addition, he played with the words “volcano” and “node”.

LaGeo company

On June 10, 2021, the day after the adoption by parliament of the bill on the recognition of the first cryptocurrency as an official means of payment, Bukele proposed to organize mining on volcanic energy.

He clarified that we are talking about a new geothermal well with a capacity of 95 MW, drilled by the state energy company LaGeo.

The state energy company operates two geothermal power plants located in El Salvador in the Ahuachapan and Berlin regions. The CEO of LaGeo, Mynor Gil replied that the company is ready to fulfill the president’s instructions.

The legalization of Bitcoin

Previously, on September 7, the law on the legalization of Bitcoin came into force. To ensure the exchange of cryptocurrencies and fiat, the government created a fund for $150 million and purchased 550 BTC. Later, the authorities bought an additional 150 BTC on the drawdown of the exchange rate.

However, the population of the country ambiguously perceived the legalization of cryptocurrencies. Moreover, experts and international financial institutions differed in their assessments of the consequences of this step.

Recall that less than three weeks after Bitcoin was recognized as a means of payment, Bukele said that a third of the country’s population “actively” using the Chivo crypto wallet. The president admitted that the crypto wallet will bypass all the banks of the country combined in terms of audience.

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