El Salvador, the first and – currently only country to adopt Bitcoin (BTC) as legal tender, plans to build a ‘Bitcoin City’ at the base of a volcano. According to reports, Nayib Bukele, Bitcoin devotee and president of the Central American nation announced at the “Feel The Bit 2021” in the town of La Libertad. Furthermore, as per Bukele’s statement, the proposed site for the digital currency city is oceanside, and will be situated near the Conchagua volcano. The latter, in turn, is situated on the southeastern side of El Salvador on the Gulf of Fonseca.
The reason for siting the BTC City near a volcano is strategic – to tap into the requisite geothermal energy for powering the vast electrical requirements of the specialized city. In addition, it will also support all Bitcoin mining operations within the city as well. Leveraging geothermal energy is not new to the government of El Salvador, as it currently has a BTC mining operation at a geothermal power plant near the Tecapa volcano.
Much of the factors of production in facilitating this city will fall under the responsibility of the Salvadoran government – including land and labor. In addition, the Central American country’s government intends to generate the capital from Bitcoin-backed bonds totaling up to $1 billion.
Image Credits: Pixabay
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