Categories: Bitcoin

El Salvador to Harness Solar and Wind Energy for Bitcoin Mining

The country of El Salvador is a true cryptocurrency pioneer. In 2021, it became the first country on the planet to make Bitcoin a legal tender. Pushed by President Nayib Bukkele, the decision was met with positive reactions among crypto aficionados worldwide, while also drawing criticism from environmentalists.

Their No. 1 concern was that the Bitcoin adoption would have a bad environmental impact as crypto mining is a process reliant on fossil fuels. However, in 2023, El Salvador is working on dealing with the problem. The solution? Setting up a 241-megawatt BTC mining operation that uses solar and wind energy.

El Salvador “Volcano Energy” Plan

The project is dubbed “Volcano Energy” which could be misleading as its source of energy is solar and wind power. The name comes as a nod to the country’s fame as a land of volcanoes.

The plan is to construct a 241MW power generator, which would have a 169MW capacity coming from solar power, along with 72MW of energy generated from wind. The location is the El Shiste hamlet in the Metapán municipality of Santa Ana, which is considered the best place in the country for renewable energy projects.

As per a press release sent to Bitcoin Magazine by people from El Salvador’s Government, the total cost of construction of the “Volcano Energy” project is going to be north of $1 billion. To finance its construction, the country is planning to team up with cryptocurrency investors, with the government covering roughly 23% of the cost.   

Lee Jenkins

Lee is our resident cryptocurrency expert who knows the ins and outs of each coin and the blockchain technology behind them. You’ll find that most of our technical guides are written or overseen by Lee and they are all easily digestible by the new and experienced alike, so there is no better place to learn blockchain 101 than here. Occasionally you may see a news article from him if it’s tech related!

Share
Published by
Lee Jenkins

Recent Posts

PayPal Has Just Launched the PayPal USD (PYUSD) Stablecoin

The biggest news in the crypto universe last week was the launch of PayPal’s own…

9 months ago

Country of Georgia Signs Memorandum of Understanding (MOU) with Tether

Earlier this week, the Government of Georgia inked a Memorandum of Understanding (MOU) with Tether,…

10 months ago

American Traders Using Palau Digital Residency to Access Crypto Services Like Binance

As reported by the Wall Street Journal, cryptocurrency investors are taking advantage of the Palau…

11 months ago

Tether Plans to Buy $222M in BTC to Back Its USDT Stablecoin

By definition, stablecoins are cryptocurrencies that are meant to maintain stability in relation to a…

12 months ago

BTC Wallets of Russian Spies Exposed by a Hacker

An unidentified hacker has reportedly exposed a number of Bitcoin (BTC) wallets allegedly belonging to…

1 year ago

Has Cryptocurrency Hater Peter Schiff Made U-Turn on Bitcoin?

Bitcoin has been around for more than 14 years, but there still isn’t a consensus…

1 year ago