Monday, July 22, 2024

According to the president, a single inactive volcano has a 90 percent probability of powering El Salvador’s Bitcoin City

President of El Salvador Nayib Bukele is widely known for his ambitious and erratic decisions when it comes to Bitcoin. The biggest example of this would be the move of making Bitcoin legal tender in the country. However, Bukele did not stop with that and continued to introduce new plans and initiatives. He led the construction of a veterinary hospital in the capital of the country with profits made from the country’s Bitcoin reserve. His latest and most ambitious decision until now is the plan of a Bitcoin city. According to the blueprint, the Bitcoin city will be like any other major cosmopolitan city but focused exclusively on Bitcoin innovations and mining. The architecture of the city will also bear signs of Bitcoin and the city center will hold a Bitcoin monument.

When Bukele first made plans for a Bitcoin city official, the number of concerns was that of energy supply. El Salvador does not have massive amounts of surplus energy that can run a city of power-intensive. Bitcoin mining is among the most energy-intensive computational task in the world and demands a lot of energy. According to Bukele, a single inactive volcano called Conchagua in El Salvador has the capability to power the Bitcoin city. He added that the reaming energy requirement can be met through geothermal energy. Experts are skeptical of these claims and believe that such projects cannot be feasible under the current setting of power generation technology from volcanoes.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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