El Salvador to make bitcoins from volcanoes
(Kitco News) - El Salvador has cheap, renewable energy to make bitcoin, and suitably it's an energy source that has a tendency to blow up.
In a tweet Wednesday, El Salvador President Nayib Bukele said he instructed the state electricity provider to offer up its facilities to make bitcoin using its geothermal plants.
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 ??— Nayib Bukele ???? (@nayibbukele) June 9, 2021
This is going to evolve fast! ???? pic.twitter.com/1316DV4YwT
This month El Salvador became the first country in the world to formally adopt bitcoin as legal tender after Congress approved President Nayib Bukele's proposal to embrace the cryptocurrency, according to reporting by Reuters.
El Salvador is well-endowed with geothermal energy sources, which makes up about 20% of electricity consumed in the country. LaGeo SA de CV is a subsidiary of the Executive Hydroelectric Commission of the Lempa River. ThinkGeoEnergy wrote that El Salvador is building more geothermal plants with estimated development up to 644 MW potential.
El Salvador's embrace of bitcoin may help its financial system break free from U.S. dollar domination, writes Frances Coppola.