El Salvador
Press Release

Salvadoran government to promote geothermal energy for Bitcoin mining

Bnamericas Published: Thursday, June 10, 2021
This Presidency of the Republic of El Salvador release was published using machine translation.

President Nayib Bukele ordered to create the optimal conditions so that the mining of the cryptocurrency Bitcoin can be carried out with one of the most valuable energy resources in the country: geothermal energy.

“I have instructed the president of LaGeo (our public geothermal energy company) to implement a plan that offers facilities for mining Bitcoin with energy that comes from our volcanoes: Cheap, 100% clean and with zero emissions. This will evolve fast! ”Said the Head of State.

LaGeo is one of the public companies that make up the CEL Group. It works with steam and heat related to the national volcanic system. This type of energy generation has a low impact on the environment, but at the same time, it has a high potential. Over the course of the year, it has contributed 26% of the energy supply and is the second most important source.

"We are ready, Mr. President," LaGeo President Mynor Gil responded. This state-owned company is already in the process of expanding its capacity with new wells.

Bitcoin mining requires a strong injection of energy, because specialized high-performance computing equipment is needed. With this proposal from President Bukele, it will be possible to develop work without causing serious implications for the environment and, furthermore, with the possibility of attracting investment and creating jobs.

The incorporation of Bitcoin as a legal tender will benefit the economic recovery, because it stimulates private investment, foreign investment and will accelerate the process of financial inclusion.

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