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The country of El Salvador is “exploiting its abundant natural resources to create”volcanic energy, The aim is to position the country as a major global player in the bitcoin mining industry while promoting energy competitiveness, diversification and geographic expansion for the bitcoin network, according to a press release sent to Bitcoin Magazine. Taking a debt-free approach, El Salvador plans to build a 241 megawatt (MW) renewable energy generation park combining solar and wind projects in the Metapan region.
“This project is a transformative journey that will establish one of the largest bitcoin mining farms in the world,” the release said. “Located in the El Chiste hamlet within the municipality of Metapan, Santa Ana, this selected site boasts exceptional solar and wind power yields in the country.” The park will have a capacity of 169MW of photovoltaic solar power and 72MW of wind power. The initial computational power is expected to exceed 1.3 EH/s, an important milestone for the country and the industry.
The release states that “the total commitment to the project is $1 billion, starting with an initial investment of $250 million, bootstrapped by prominent bitcoin industry leaders, top developers and manufacturers of renewable energy technology as well as bitcoin mining experts.” A global scale. The government of El Salvador will play a key role in the planning and execution of the initiative, securing a preferred participation equivalent to 23% of revenue. The remaining ownership will be divided between investors and will be used to expand energy generation capacity and Will be reinvested in furthering bitcoin mining.
Robert Warren of Distributed Hash explained on twitter The logic behind leveraging wind and solar to build on a base set of geothermal expansion has the potential to be rapidly monetized.
By taking advantage of volcanic energy, El Salvador aims to create a sustainable energy and a prosperous future powered by bitcoin. As the country’s investment increases, volcanoes can serve as the backbone of this transformation, driving economic growth and prosperity for future generations. The establishment of the renewable energy generation park represents a major step towards achieving these goals, while strengthening El Salvador’s position in the global bitcoin mining industry.
