El Salvador which is planning the world’s first-of-a-kind Bitcoin City will increase investment in geothermal energy production. President Nayib Bukele highlighted that Lageo, the state company, produces more than 1,000 GWs of power from the volcanoes annually.
To accommodate the growing need of the bitcoin mining sector in El Salvador, the company is adding more wells to increase power production. Bukele said four new wells will be added to the system. One of the advanced wells will provide more than 95 MW of energy to their national grid.
The president assured that the energy produced will be “clean and renewable”. Bukele claims that it will last for at least a couple of million years. In regards to Bitcoin City, he said they are drilling new wells for more geothermal energy. The leader said geothermal energy will be efficient and superior to the alternatives. And it is one of the main natural resources of the Central American country.
Bukele said the surplus energy would be steered for mining bitcoin. As such, more cryptocurrencies would be pushed into circulation. In regards to the inactive Conchagua volcano, he has they have a 90% probability of finding a well. It will contribute at least 42 MW of energy. This would be more than enough for Bitcoin City.
If demand increases, the head of state said they could always source energy from the other wells. El Salvador is very much ambitious about the Bitcoin City project. It looks up to it boost the country’s economy, generate local employment opportunities through tourism, engineering, commerce and construction. The country is looking forward to a holistic boost via bitcoin.