Utilizing its abundant natural resources, El Salvador created “Volcano Energy”, a park for the production of renewable power to promote the expansion of bitcoin mining. To establish itself as a significant player in the global Bitcoin mining market, the nation intends to build a 241MW facility in the Metapan region that combines solar and wind initiatives.
— Volcano Energy 🌋🔌 (@Volcano_Energy) June 5, 2023
According to a press statement, the chosen location in the hamlet of El Shiste offers great solar and wind energy returns. The park’s 169 MW of photovoltaic solar energy capacity will significantly enhance computing power. The projected estimate foresees the surpassing of 1.3 EH/s. The initiative will begin with a $250 million initial investment. Important figures in the Bitcoin sector, creators of renewable power technology, and international Bitcoin mining professionals have committed $1 billion.
The government of El Salvador, with a preferred share of 23% of the proceeds, will have a significant role. They will participate in the design and execution of the initiative. Investors will divide the remaining ownership and reinvest it in expanding Bitcoin mining technology and energy production capacity. El Salvador wants to use Bitcoin and Volcano Energy to power a thriving future through renewable power. Volcanoes can serve as the foundation for advancing investments, fostering economic growth, and ensuring prosperity for future generations. Establishing a renewable power generation park is crucial for achieving these goals and boosting El Salvador’s position in Bitcoin mining.