El Salvador has announced a Bitcoin mining project with plans to scale it up to a capacity of 20,000 MW. Below are details of what one needs to know.
El Salvador is taking a big step towards financial independence with its large-scale Bitcoin mining plan. The government has announced a Bitcoin mining project that will reach an impressive capacity of 20,000 megawatts (MW), which makes it one of the largest and most ambitious projects in the world in the field of cryptocurrency and renewable energy:
“By mining our own BTC, Volcano Energy contributes to the economy of El Salvador. Fostering financial independence and paving the way to a prosperous future.”
The Bitcoin mining project in El Salvador has been the subject of controversy due to its environmental impact, since Bitcoin mining consumes a large amount of energy and emits greenhouse gases.
However, the government of El Salvador has stated that the Bitcoin mining project will be sustainable and use renewable energy to minimize its environmental impact.
As relevant data, El Salvador is positioned as a leader in the production of renewable energy, with 70% of its installed energy capacity coming from clean sources in 2022, according to the Salvadoran Association of Industrialists (ASI).
El Salvador and its Bet on Bitcoin Mining to Get Rid of Public Debt
“Human beings evolve and needs change. Technology must adapt to meet these new demands and facilitate our progress.” In fact, the Bitcoin mining project in El Salvador goes beyond the simple generation of cryptocurrencies, since its objective is to completely cancel the country’s public debt by the year 2030.
Volcano Energy tweeted the following on July 10:
“El Salvador’s path to financial freedom is paved with Bitcoin and Volcano Energy. By harnessing the power of renewable energy in Bitcoin mining, the country is setting a bold vision of being debt free by 2030.”
Said plan is based on El Salvador’s capacity to produce renewable energy, with 70% of its installed energy capacity coming from clean sources in 2022, making it one of the leading countries in this field.
By taking advantage of its capacity to produce renewable energy, El Salvador seeks to establish an innovative and sustainable model of Bitcoin mining that can not only generate significant income for the country, but also improve the quality of life of its citizens through job creation. and the development of clean technologies.
The company in charge of building the Bitcoin mining farm is Volcano Energy, backed by the national government and supported by companies in the crypto industry such as Tether Limited.
Notably, the farm will be built in phases and will start with a generating capacity of 241 megawatts (MW) using solar photovoltaic and wind power. The remaining capacity will be developed gradually, including the extraction of geothermal energy, a process that will probably take five years.
Is El Salvador Bitcoin Mining Project the Largest in the World?
The project aims to give the country the potential to attract investment and foster economic growth through Bitcoin mining and renewable energy generation.
With this initiative, El Salvador seeks to position itself as a leader in the adoption of innovative and sustainable technologies that can boost economic growth and improve the quality of life of its citizens. That it achieves such a purpose remains to be seen.
By Audy Castaneda
