El Salvador to Add Further Geothermal Energy Sources to Bitcoin City

Nayib Bukele, President of El Salvador, confirmed that investments are being made to obtain a geothermal energy source to power the city.

El Salvador invests in new geothermal energy sources

Nayib Bukele, president of El Salvador has confirmed that investments are being made to increase the country’s geothermal energy production. Bukele said that the country’s power comes from the volcanoes which are managed and maintained annually by the state company Lageo.

To increase its power production, the company is adding wells. According to Bukele’s statements, the company is currently preparing to add four more wells to its system. This would increase production. One of the newer wells will be capable of providing more than 95 megawatts (megawatts), of energy to the national grid. Bukele spoke out about the nature of the energy supplied.

It will be clean, affordable, and renewable energy that lasts at least two million years.

Power for Bitcoin City

Bukele also stated that they are drilling new wells to power Bitcoin City using geothermal energy. According to a report published by the president of the country, Bukele said:

There is a 90% chance that we will find a well with the capacity to supply at least 42 MW. This is enough to supply energy for the entire Bitcoin City.

He explained that, if there is a greater power demand than anticipated, other wells can be used to augment it. Bitcoin City was announced September 2021. It will be powered by energy from green and renewable volcanoes.

Some people believe that the volcanoes surrounding the city cannot produce this energy. Steve Hanke, an economist, stated that the Conchagua volcano (which will power the city) is inactive. Bukele however, rebutted this claim by saying that most geothermal wells were built around inactive volcanoes.

Others have also criticised the use of geothermal energy to mine bitcoin in the country, saying that it could lead to an environmental catastrophe.