President Bukele Says That Bitcoin City Needs More Geothermal Power

2022-01-11 20:37:56
Looking For New Investments

According to President Nayib Bukele of El Salvador, the Central American country is looking for new investments in order to increase the geothermal power production for its Bitcoin City.

At the moment of writing, the maximum power of the volcano is something above 1.000 gigawatts per year.

Moreover, the company in charge of maintaining and managing the power from the volcanoes is Lageo. As per the words of the President, the goal is for Lageo to significantly increase the production of power, and for that matter, the company is already working on building four new wells.

President Bukele expects the new wells to significantly increase power production for Bitcoin City. Up to such an extent, that one of the new wells that will feature a more advanced technology will be potent enough to produce more than 95 megawatts of energy for the national grid.

The President also claims that El Salvador is working tirelessly on finding new wells, with a surprisingly high 90% probability.

And according to the statement of Bukele, each such well has the capacity to produce a minimum amount of 42 megawatts of energy for the Bitcoin City.

[It will be] clean, cheap and renewable energy, from a source that will last at least a couple of million years.Nayib Bukele | President Of El Salvador
Divided Public Opinion

While some experts were concerned that this move will be an ecological disaster, President Bukele states otherwise.

In fact, Bukele assures that the entire project is inspired by finding the utmost ecological and renewable energy solution possible.

We have a 90% probability of finding a well (with capacity) to (contribute) at least 42 MW. Enough to provide energy to the entire Bitcoin City.Nayib Bukele | President Of El Salvador

While the President admits that Bitcoin City requires far more energy than the government initially hoped, the energy from the volcanoes is more than enough to satisfy these needs.

For that matter, President Bukele reveals that many other wells are currently in preparation to fully utilize the volcano energy if there is a need for that.

The idea about Bitcoin City that is powered by a nearby volcano definitely divided both the public in El Salvador and the experts for that matter.

One of the most vocal critics of President’s Bukele bitcoin project is El Salvador’s leading ecologist, Ricardo Navarro.

Not only does Navarro believes that using volcanoes to power the city is not 100% efficient, but he also states that the President doesn’t really understand how bitcoin, i.e. crypto, works. And as a result of his ignorance, that El Salvador is facing a list of challenges in the future.

Regardless, none of the comments from the opposition seems to deter President Bukele from increasing the energy production for the country’s Bitcoin City.

And considering how dedicated the President is to his bitcoin project, we can only assume that this is a temporary issue for El Salvador.

 

 

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