Mere hours after the successful passing of his bill to recognize Bitcoin (BTC) as legal tender in El Salvador, the country’s president Nayib Bukele stated that he implored electric firm LaGeo to establish BTC mining facilities devoid of emissions but are 100% renewable and clean. Interestingly, Bukele points to the country’s volcanoes to do just that.
While the very idea of mining BTC using volcanoes may sound absurd for some, it is worth noting that LaGeo currently operates the only two geothermal-based power plans in the country – one in Berlin while the other is in Ahuachapan. Considering that the firm also announced its plans to construct additional facilities in Chinameca and San Vicente, LaGeo does indeed have the capability to pull off Bukele’s idea.
Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos 🌋
Starting to design a full #Bitcoin mining hub around it.
What you see coming out of the well is pure water vapor 🇸🇻 pic.twitter.com/SVph4BEW1L
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
Notably, the majority of El Salvador’s energy comes from renewable energy. It has an installed geothermal power capacity of over 200 Megawatts, further expounded by the 23 volcanoes currently labeled as active within the country. With that being said, some reports point out that the country’s geothermal power potential is actually close to a whopping 644 Megawatts.
This means that LaGeo is only tapping into 31% of the available power generation – leaving more than enough room for BTC mining facilities, which are estimated to consume over 116.7 terawatt-hours of electricity per one year.
As daunting as the task may be, Mynor Gil, the President of LaGeo, feels confident to take on the challenge. He states that his firm is ready to take on Bukele’s request.