Bitcoin mining with volcanoes. El Salvador lures miners with cheap geothermal energy, beaches and lack of a number of taxes

A few days ago, El Salvador became the first country in the world to accept Bitcoin as legal tender along with the US dollar. And now the country’s president, Nayib Bukele, invites miners and crypto-investors to move to El Salvador, luring them in including … volcanoes.

On Wednesday, Bukele ordered the president of state-owned geothermal energy company LaGeo to provide renewable energy for bitcoin mining, and the very next day, the company’s specialists drilled a new well capable of providing about 95 MW of power. In this area, they are going to eventually build a mining hub.

Since the issue of the environmental friendliness of the cryptocurrency mining process has recently been very acute, in El Salvador they already know how to solve it, at least on their territory.

El Salvador is called the land of lakes and volcanoes, because in a small territory of the state there is a very large number of both extinct and active volcanoes. Accordingly, geothermal energy is quite actively developed in the country. As a result, according to the president of the country, Bitcoin mining using volcanoes will be implemented in El Salvador.

Separately, Bukele published a list of benefits when moving to El Salvador. He mentioned beautiful beaches, great weather, no real estate tax, no capital gains tax for Bitcoin miners, and immediate permanent residency for crypto entrepreneurs.