El Salvador wants to use volcanic energy for mining
The Izalco is a volcano in El Salvador. (Photo: Hugo Brizard – YouGoPhoto / Shutterstock)
El Salvador’s President Nayib Bukele is serious about his plan to use volcanic energy to mine Bitcoin, the youngest legal tender in his country.
El Salvador appears to be on its way to becoming a global mining hotspot. The idea of using the geothermal energy of active volcanoes for emission-free mining of the number one crypto currency is not only enthusiastic about Bukele himself. He sees the country’s volcanic energy as clean and safe and raves about the fact that Bitcoin mining is an interesting source of income for his country could be. The state-owned geothermal company has now calculated that 95 megawatts of power could be made available.
Three quarters of a billion for El Salvador?
Bitfury founder George Kikvadze, who works in mining with his own company, quickly converted that into Bitcoin. According to his calculation, 95 megawatts could generate three Exahashes, which in turn would generate around 1,800 Bitcoin sales per month according to current standards. This would make Bukele’s project, in Kikvadze’s opinion, the most profitable project in the history of El Salvador and all Latin American countries.
Under his tweet, not everyone agrees with this bill. There is only agreement if a range is defined. If we assume between 900 and 1,800 Bitcoin sales per sales, this would result in monthly sales of between 30 and 60 million US dollars at an assumed rate of 33,000 dollars per BTC.
