El Salvador is building Bitcoin City. A city for fans of the popular cryptocurrency and … volcanoes

Cryptocurrencies They have been highly controversial from the outset, and recently – when the debate about whether they are a bubble that would eventually burst and leave many investors with their accounts cleared – calmed down due to climate issues. As it is easy to guess, the mining of, for example, Bitcoin requires a huge amount of energy (both the mining itself and the cooling of mining devices), which, taking into account its origin, can be very harmful to the environment.

For this very reason El Salvador He immediately announced that the mining of Bitcoin in his case will be carried out with the use of geothermal energy, because this is provided by volcanoes located throughout the country, and more specifically the Volcanode zero-emission geothermal power plant. It is worth emphasizing that more than half of the energy in this country comes from renewable energy sources, because El Salvador has literally 23 active volcanoes at hand and can use it.

It is true that the results obtained by this project in the period from June (launch) to October were not very impressive, because they managed to extract literally 0.00599179 BTC, which at today’s exchange rate is about $ 345, but with time it should get better. Today’s reports suggest that this is just the beginning of El Salvador’s adventure with Bitcoin, because, according to BBC News, the president Nayib Bukele plans the entire Bitcoin City.

The city is to be located near the volcano along Fonseca Bay, between La Unión and Conchagua and have their own geothermal power plant supporting the mining of cryptocurrencies. What’s more, it will take the shape of a coin (with a central square with the Bitcoin symbol), and most interestingly, its residents will not pay any taxes except VAT.

President Bukele did not mention the deadline for the implementation of this ambitious project, but it should not be expected very quickly, because the cost of the public infrastructure itself is estimated at the equivalent of around 300,000 Bitcoins.

However, it cannot be denied that the idea is very ambitious, unique in the world and if it works, it could actually provide El Salvador with the expected boost to economic growth, independence and further investment. Except that the whole thing is based on the assumption that the value of Bitcoin will increase or at least remain at its current level, and there is no certainty about that.

About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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