- Volcano plan aims to provide renewable energy for El Salvador.
- El Salvador seeks to establish a global Bitcoin mining quality standard.
- The São Paulo Forum condemns the nation’s government.
Volcano Energy, the new Bitcoin mining startup in El Salvador, aims to achieve 90% decarbonization by 2050. According to a recent study case by the United Nations, this mega Bitcoin farm could contribute towards mitigating the consequences of climate change. This is evident in the numbers:
- The total capacity of the mining farm stands at 241 MW.
- 169 MW of it comes from photovoltaic solar energy.
- The initial computational power for the BTC farm is 1.3 EH/s.
The Volcano Energy project recently took off with an initial $250 million investment. According to the renewable energy project’s white paper, 27% of revenue goes to the investors, 23% of profits will be reserved for the El Salvadoran government, while the remaining 50% is to be reinvested in the long-term expansion of the Bitcoin mining plant.
A Bitcoin a Day Keeps Debt Away
Besides the gradual investment in the $1 billion Bitcoin geothermal mining plant, El Salvador is increasing its BTC stash daily. The government’s Dollar Cost Average strategy has brought fruitful results so far – $1,521,256.06 net profit, according to Nayib Tracker.
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The small Latin American country’s brave bet on the leading digital asset garnered a fair share of new foreign investors for the upcoming crypto hub, as Senior Bitcoin Advisor Max Keiser points out on Twitter. The project is backed by Bitfinex, a crypto heavyweight company that made the arguably most popular stablecoin of all time, Tether USD (USDT).
From a social perspective, making Bitcoin legal tender in El Salvador has already brought out learning opportunities and career paths for over 10,000 children, while the newly launched CUBO+ program seeks to find the brightest minds to take care of the country’s pioneering Bitcoin Lightning infrastructure.
Nayib Bukele Pokes Fun at Critics
El Salvador’s Bitcoin journey also contributed towards curbing violent crime, while the publicity brought back international tourism. Meanwhile, Pro-Bitcoin President Nayib Bukele continues to fire shots at critics on Twitter. The Associated Press recently published a piece comparing the young millennial president to Adolf Hitler and Benito Mussolini.
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On top of that, the international left-wing political alliance known as the São Paulo Forum called Mr. Bukele out on “human rights violations.” The organization likely refers to Bukele’s crackdown on gangs, with a 4,000-capacity mega prison built for the occasion.
However, the São Paulo Forum itself is controversial and has been previously linked to various terrorism and drug trafficking organizations across Latin America.
MS-13 and other infamous gangs of El Salvador had an unofficial “no homicide” agreement with the government, but that didn’t last long. Finally, special troops surrounded the capital to extract all violent gang members, depicted in the viral El Salvador mega prison video.
On the Flipside
- The overall Bitcoin investment of El Salvador still stands at a 26.77% deficit – Nayib Bukele’s portfolio plunged in 2022 due to one of the worst crypto winters in history.
Why This Matters
El Salvador is the first country to declare Bitcoin a legal tender.
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