It’s been about half a day since the bill that recognizes Bitcoin as legal tender passed the parliament. El Salvador’s president Nayib Bukele’s next move seems to be geothermal bitcoin mining.
Combining Bitcoin mining with state-owned geothermal power plants has the potential to generate profits. President Bukele posted on Twitter:
I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋
This is going to evolve fast! 🇸🇻 pic.twitter.com/1316DV4YwT
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
“I am now telling the president of LaGeoSV (a state-owned geothermal power company) a plan for a Bitcoin mining facility that uses volcanic energy, which is very cheap, 100% clean, 100% renewable, and has zero CO2 emissions. I instructed him to stand.
This is developing rapidly! “
In fact, President Bukele is making rapid progress. El Salvador says that Bitcoin will be the legal tender and that it will be bought if the public does not want it. Both are unprecedented, and both are from Saturday the 5th.
El Salvador has the potential for hundreds of megawatts of geothermal power, and some power plants are unused. It can be said that mining at a power plant is more efficient than sending electricity somewhere.
The speed at which the About concept develops into a formal action plan symbolizes the Bukele administration. It is also reflected in its influence on Bitcoin prices.
“Every day, new ideas are born,” Bukele said on the night of the 9th.
｜ Translation: coindesk JAPAN
｜ Editing: Takayuki Masuda, Shigeru Sato
｜ Image: Image of geothermal power plant (Shutterstock)
｜ Original: Volcano-Powered Bitcoin Mining Goes From Twitter Idea to State Policy in El Salvador