The country of El Salvador is a true cryptocurrency pioneer. In 2021, it became the first country on the planet to make Bitcoin a legal tender. Pushed by President Nayib Bukkele, the decision was met with positive reactions among crypto aficionados worldwide, while also drawing criticism from environmentalists.
Their No. 1 concern was that the Bitcoin adoption would have a bad environmental impact as crypto mining is a process reliant on fossil fuels. However, in 2023, El Salvador is working on dealing with the problem. The solution? Setting up a 241-megawatt BTC mining operation that uses solar and wind energy.
El Salvador “Volcano Energy” Plan
The project is dubbed “Volcano Energy” which could be misleading as its source of energy is solar and wind power. The name comes as a nod to the country’s fame as a land of volcanoes.
The plan is to construct a 241MW power generator, which would have a 169MW capacity coming from solar power, along with 72MW of energy generated from wind. The location is the El Shiste hamlet in the Metapán municipality of Santa Ana, which is considered the best place in the country for renewable energy projects.
As per a press release sent to Bitcoin Magazine by people from El Salvador’s Government, the total cost of construction of the “Volcano Energy” project is going to be north of $1 billion. To finance its construction, the country is planning to team up with cryptocurrency investors, with the government covering roughly 23% of the cost.
