It is a mining city in central El Salvador, with an estimated population of 30,000 and home to one single inactive volcano. The president has promised that the electricity will be provided by Bitcoin City’s own power plant.
The “billionaire bought bitcoin” is a story about how the president of El Salvador believes that one inactive volcano has a 90% chance of powering the country’s Bitcoin City.
El Salvador’s President, Nayib Bukele, has said that the country’s Bitcoin City project would be powered by geothermal energy from one of the country’s dormant volcanoes.
Bukele said in a Sunday notice that there was a 90 percent chance of exploiting the Conchagua volcano to produce 42 megawatts — “enough to give electricity to the whole Bitcoin City.” El Salvador’s president said the state-owned electrical business LaGeo was continuing to enhance geothermal power output from several volcanoes around the nation, with one location capable of generating 95 megawatts.
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There have been no verified historical eruptions at Conchagua, which is situated near El Salvador’s eastern border and overlooks the Gulf of Fonseca. According to Bukele, if the country’s proposed Bitcoin City’s power usage exceeds the volcano’s capability, it may be supplied from other places. Any energy excess, he stated, will be utilized to mine Bitcoin (BTC) to help El Salvador’s finances. Bukele earlier reported numerous crypto purchases totalling 1,391 BTC, worth more than $57.7 million at the time of writing, after a temporary price dip below $40,000.
Related: El Salvador’s Bitcoin Law in 2021: How it Began vs. How It Began
Bukele originally suggested that LaGeo make some of its services accessible to BTC miners in June, soon after declaring his desire to make the cryptocurrency legal money. El Salvador’s president said in November that the nation was planning to build a Bitcoin City with $1 billion in BTC bonds. Bitfinex and Blockstream, two cryptocurrency exchanges, have said that they would support the project.
The president wants Bitcoin Metropolis to grow into a fully functioning city with employment in tourism, construction, commerce, and engineering. There will be no capital gains, income, property, or payroll taxes, according to reports.
The “btc squeeze” is a single inactive volcano that has a 90% chance of powering El Salvador’s Bitcoin City. The president of the country, Nayib Bukele, said that he believes that this will help the country become more sustainable in the future.
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