At the Bitcoin 2021 conference in Miami last weekend, the El Salvador president told attendees via recorded message that he would be introducing a bill to make Bitcoin legal tender in the country — a proposal that passed with a majority in the nation’s Legislative Assembly earlier today.
Now it looks like Nayib Bukele’s plans for cryptocurrencies in El Salvador are still in motion, with the president now calling for a geothermal power company to make certain facilities available to Bitcoin miners.
The El Salvadorean president has instructed the state owned geothermal electric company, LaGeo to offer facilities to cryptocurrency miners with affordable, 100% renewable, zero emission energy from the nation’s volcanoes.
More than half of the country’s energy comes from renewable energy, with a geothermal power installed capacity — El Salvador is home to 23 active volcanoes — of more than 200 Megawatts. However, reports suggests that El Salvador’s geothermal power potential is closer to 644 MW, meaning LaGeo is currently tapping roughly 31% of the power generation available. According to data from the Cambridge Bitcoin Electricity Consumption Index, Bitcoin uses more than 116.7 terawatt-hours of electricity per year.
With the announcement of El Salvador legalizing Bitcoin as a legal tender and the country’s plans to offer cryptocurrency miners with affordable geothermal energy. This has the potential to drive the evolution of cryptocurrency infrastructure really fast.