The president of El Salvador, Nayib Bukele, has confirmed that the country is making investments to secure a geothermal power source for the construction and operation of the upcoming Bitcoin City, which will be financed with the earnings of the so-called “volcano bonds.” Bukele stated there are high chances of finding a well in the area of the Conchagua volcano that will be able to power the whole city by itself.
El Salvador Investing in New Geothermal Energy Sources
The president of El Salvador, Nayib Bukele, has confirmed that the country is making investments to increase its geothermal energy production. Bukele explained that the power coming from the volcanoes, managed and maintained by a state company called Lageo, produces more than 1,000 gigawatts for the nation yearly.
The company is now adding more wells to increase its power production. According to statements from Bukele, the company is preparing the inclusion of four new wells to the system, that would contribute to production. One of the more advanced wells will supposedly be able to provide more than 95 MW (megawatts) of energy to the national grid. Regarding the nature of the energy provided, Bukele stated:
[It will be] clean, cheap and renewable energy, from a source that will last at least a couple of million years.
Power for Bitcoin City
On the topic of powering Bitcoin City with geothermal energy, Bukele stated that they are also drilling new wells for this purpose. According to an…
