El Salvador is tapping into its energy reserves and building a sustainable power-producing park to support the expanding Bitcoin mining industry.
El Salvador uses its plentiful natural resources to develop “Volcano Energy.” A news statement released to Bitcoin Magazine states that the goal is to make the country an international leader in Bitcoin mining while increasing Bitcoin’s decentralized infrastructure’s energy efficiency, diversity of resources, and geographic reach. By merging solar and wind projects, El Salvador wants to build a 241 MW renewable power-producing park in the Metapán area without taking on any more debt.
“The location in the El Shiste hamlet of Metapán, Santa Ana, was selected because it has high solar and wind power generation potential. There will be 72 MW of wind power and 169 MW of solar photovoltaics at the park’s disposal. It will be a significant step forward for the nation and the sector if the initial computing power exceeds 1.3 EH/s.”
The press release said, “The total dedication to the project is $1 billion, with a first investment of $250 million made by key leaders in the Bitcoin industry, with help from the top creators and makers of renewable energy technology and Bitcoin mining experts from around the world.”
The El Salvadorian government will play a pivotal role in the initiative’s design and implementation in exchange for a preferred share equal to 23% of the earnings. The remaining equity will be distributed to investors to fund infrastructure upgrades, such as new power plants and Bitcoin mining hardware.
Distributed Hash’s Robert Warren tweeted that the company’s rationale for leveraging wind and solar is that it can be commercialised more quickly than expanding geothermal energy.
Also Read: According To VanEck, Ethereum Will Be Worth $11,800 By 2030
Wallets