El Salvador’s President Nayib Bukele said the Central American country is taking the “first steps” toward developing volcanic energy for bitcoin mining.
In a tweet posted on Tuesday, Bukele uploaded a short video showing images of work being done by state-owned geothermal electric company LaGeo to power mining machines. The video showed workers connecting mining rigs and a large black shipping container bearing the inscription “Government of El Salvador” being delivered.
In June, after approving a bill to make bitcoin legal tender in the Central American nation, Bukele said he had directed LaGeo to allow power-hungry bitcoin miners to plug into the country’s volcanic resources.
“I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos,” Bukele tweeted at that time.
The idea was born in a Twitter Spaces session Bukele shared with bitcoin gadfly Nic Carter in June. It was based on the fact that El Salvador has hundreds of megawatts of untapped geothermal potential, as well as a network of underutilized power plants.
In September, bitcoin became legal tender in El Salvador, three months after the Bitcoin Law passed the country’s legislature.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.