Sun, May 28, 2023

El Salvador’s Way of Generating Geothermal Energy

El Salvador's Way of Generating Geothermal Energy

Nayib Bukele, president of El Salvador, said officials would use geothermal energy from one of the country’s inactive volcanoes; Which will be very useful to strengthen the Bitcoin City project. In a statement, the president noted a 90% probability that Conchagua will supply 42 megawatts of the volcano; Which will be enough to provide energy for the entire Bitcoin city. According to El Salvador’s first-person, LaGeo, a state-owned power company, actively increases geothermal energy production from various volcanoes in the country. One of them can produce up to 95 megawatts.

It is worth noting that Conchagua locates on the eastern border of El Salvador. In addition, It doesn’t have any historical eruptions. According to Bukele, if the energy consumption of the planned city of Bitcoin exceeds the capacity of the volcano; Attracting capacities will be possible in other ways as well. Excess amounts of energy will be useful for Bitcoin. Bukele announced several cryptocurrencies after a brief drop in price to $40,000. In fact, more than 1,391 BTC in total; Which exceeds $57.7 million.

However, the president suggested to LaGeo that some facilities be made available to BTC miners. After announcing its intention to legalize a crypto asset, Bitcoin. In November, the president of El Salvador mentioned that the country planned to launch the city of Bitcoin; It will be financed by $1 billion in BTC bonds. The initiative already has two public supporters; Crypto exchanges Blockstream and Bitfinex. Therefore, Bukele aims to make the city of Bitcoin fully functional in a variety of ways; These include construction, tourism, commerce. Most importantly, residents do not pay income, capital gains, payroll taxes, or property.

El Salvador Plans

Last year, El Salvador became the pioneer country to legalize Bitcoin. Also, the BTC law went into implementation in September. The president used a Twitter account to buy BTC. However, many opponents, along with the supporters, responded to this decision. Protests began in El Salvador. In addition, On September 7, a march began in the capital; To express their concern about cryptocurrency variability. Some people wanted the repeal of the law.

This decision seemed very risky. However, today the country already has Bitcoin Beach. Also, this is a particular area where bitcoins can use crypto for any tax; This includes utility bills. Representatives also command the installation of hundreds of Chivo ATMs.

Before adopting the Bitcoin law, police arrested a San Salvador resident; He objected to the legal payment of Bitcoin by the country before adopting the Bitcoin law. After protests in October, the government banned rallies; Which they said was aimed at preventing the spread of COVID-19. In fact, the country seems to have big plans for 2022, leading to significant developments in the crypto industry.



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