El Salvador’s President Nayib Bukele released a video on the 29th with regard to the country’s new initiative to power Bitcoin mining with Volcanic energy.
In the short clip, workers were seen installing machinery at a geothermal power plant in the middle of a forest. President Bukele posted the video with the caption, “First steps,” along with a volcano emoji.
While El Salvador’s Bitcoin Act kicked off with a messy start, the new renewable mining project might bring that back on track.
Shortly after the Bitcoin bill was passed, it was revealed that President Bukele had instructed a local power company to design and draft a Bitcoin mining facility using geothermal energy from volcanoes.
At the time, Bukele tweeted that El Salvador’s state-owned geothermal electric company LaGeo is instructed to use “very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos” to mine Bitcoin.
El Salvador has more than 20 volcanoes and has been active in geothermal power generation for some time. The potential amount of geothermal energy is reported to be 644 megawatts, of which only about one-third is said to be used for power generation.
LaGeo has been working to build new power generation facilities for the years 2023 and 2026 and has estimated that El Salvador’s geothermal capacity will increase by 87 MW when the new facilities go live.