Money Grows on Volcanoes? El Salvador to Build Geothermal-Powered Facilities for Bitcoin Mining

El Salvador's President Nayib Bukele said on Wednesday that LaGeo SV, the country's geothermal electrical company will develop a plan to build geothermal facilities, using the energy from the country's volcanoes, for Bitcoin mining in the wake of becoming the first country to make Bitcoin a legal tender.

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"I've just instructed the president of LaGeoSV to put up a plan to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos," Bukele said on a tweet, "this is going to evolve fast!"

"Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanoes," Bukele added.

Currently, El Salvador uses the US dollar as the go-to fiat currency. It recognizes Bitcoin as a legal tender after its Congress approved Bukele's proposal to embrace the cryptocurrency, scraping all associated capital gains tax. In addition, the country will accept taxes in Bitcoin, and the US dollar will be the "reference currency" when denominating prices. Moreover, the bill mandates "every economic agency" in the nation to accept Bitcoin as payment when offered against goods and services.