Is Volcano Energy Really The Best Fit For El Salvador’s Bitcoin City?
While a plan to leverage “volcano energy” is great marketing for El Salvador’s planned Bitcoin City, on its own, it might not be the best source. Source The creation of a Bitcoin City powered by “volcano energy” proposed by El Salvador’s President Nayib Bukele is appealing for many bitcoiners at an emotional, aesthetic level.Envisioned in the shape of a perfect circle, like a coin, with a bitcoin-symbol-shaped public square in the middle and a multitude of urban nodes radiating in every direction, the proposed city’s aesthetics aim to resonate symbolically with bitcoiners.This vision....
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According to Nayib Bukele, should the power consumption of the country’s planned Bitcoin City exceed the volcano’s capacity, geothermal energy can be sourced from other sites. El Salvador's President Nayib Bukele has claimed officials will be able to use geothermal energy from one of the country’s inactive volcanoes to power its Bitcoin City project.In a Sunday notice, Bukele said there was a 90% probability of using the Conchagua volcano to supply 42 megawatts — “enough to provide energy to the entire Bitcoin City,” according to the president. The Salvadoran leader said the state-owned....
President of El Salvador Nayib Bukele, one of the most famous Bitcoin proponents, is elevating the cryptocurrency to a grand level. He is building a Bitcoin city. Bukele stated that the country’s ambitious crypto metropolis is progressing splendidly and would be the first bitcoin trading hub fueled by geothermal energy from a volcano. Bukele published […]
The raft of bills will help El Salvador’s government establish the legal and financial framework for the $1 billion Bitcoin bond issue, known as Volcano Bonds El Salvador’s government, led by President Nayib Bukele, has moved ahead with plans to issue Bitcoin bonds by preparing 20 bills designed to provide a legal framework for them.Head of the Treasury Alejandra Zelaya told El Salvadoran media El Mundo on Jan. 4 that the bills will cover regulations about issuing securities as cryptocurrency to ensure the viability of the Bitcoin bonds that were proposed in Nov. 2021. He said:"[This is]....
Bukele also envisions an oncoming explosive growth for El Salvador’s two in-house BTC-based initiatives — Bitcoin City and Volcano bonds. On Jan 2, El Salvador President Nayib Bukele shared five bullish predictions on Bitcoin’s (BTC) performance for the year 2022. Last year, El Salvador became the first country to adopt Bitcoin as legal tender under Bukele’s presidency as a countermeasure to the growing inflation in the country. Since legalization, the president acquired 1,370 BTC for the country’s reserve and reinvested its unrealized gains into new infrastructure projects including a....
El Salvador’s leading ecologist Ricardo Navarro believes that mining bitcoin with a volcano, or geothermal energy, will “end in environmental disaster.” Navarro believes geothermal energy costs more than oil, and thinks El Salvador’s millennial president Nayib Bukele’s decision is questionable.
Salvadoran ecologist Ricardo Navarro Questions His Country’s Volcano-Powered Bitcoin City Venture
During the second week of June, El Salvador’s president Nayib Bukele told the public that the Latin American country planned to mine bitcoin....