In a public-private partnership, the government of El Salvador has launched new renewable energy projects to establish a mining pool. Development on geothermal energy to follow from proceeds.
By Landon Manning
In the Republic of El Salvador, the world’s first country where Bitcoin is legal tender, Volcano Energy and Luxor Technology Corporation have partnered to open a new infrastructure for bitcoin mining based on geothermal energy.
El Salvador first officially adopted Bitcoin as a new currency in September 2021 under the leadership of President Nayib Bukele, and the road to widespread adoption has been both long and bumpy. Essentially, the nation’s main currency from 1892 to 2001 was the colón, named after Cristopher Colombus, and went through several phases of having its value pegged to the US dollar before the US dollar directly became the currency of El Salvador. Obviously, for a government to rely on a currency that it cannot hope to control is one thing, but for a foreign country to actually have this power over you is quite another. To begin transitioning towards a currency free from all state control, and to gain economic independence, El Salvador chose Bitcoin.
Since then, the move has seen outright hostility from international economic institutions, but has also managed to overcome the initial wave of opposition and forge new economic ties. Just in August of this year, for example, Google Cloud moved to open a new office in El Salvador, representing substantial new international investment. Developments like this have…
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