El Salvador is taking advantage of its abundant natural resources to create “Volcano energy. According to a press release sent to Bitcoin Magazine, the goal is to position the country as a major global player in the Bitcoin mining industry while enhancing the energy competitiveness, diversification, and geographic expansion of the Bitcoin network. Adopting a debt-free approach, El Salvador plans to build a 241 MW renewable energy generation complex in the region. Metapan, combines solar and wind energy projects.
“This project is a transformational journey that will create one of the largest Bitcoin mining farms in the world,” the statement reads. “Located in the small village of El Shiste, within the municipality of Metapán, Santa Ana, this selected site has the exceptional solar and wind energy yield in the country.” The park will have a capacity of 169 megawatts of solar PV and 72 megawatts of wind power. The initial computing power is expected to exceed 1.3 EH/s, which marks a milestone for the country and industry.
The statement stated that “the total commitment to the project is $1 billion, starting with an initial investment of $250 million, booted by key bitcoin industry leaders, in collaboration with leading developers and manufacturers of renewable energy technology, as well as bitcoin mining experts on a global scale.” The Government of El Salvador will play a crucial role in the planning and implementation of the initiative, ensuring preferred participation equal to 23% of revenues. The remaining ownership will be divided among the investors and reinvested in expanding energy production capacity and promoting bitcoin mining.
Robert Warren of Hash Distributor explained on Twitter The rationale behind leveraging wind and solar energy is likely to be faster monetization to build on a core set of geothermal expansion.
By leveraging Volcano Energy, El Salvador aims to create a prosperous future driven by sustainable energy and Bitcoin. As investment progresses in the country, volcanoes can serve as the backbone of this transformation, promoting economic growth and prosperity for generations to come. The creation of the renewable energy generation complex marks a major step towards achieving these goals while strengthening El Salvador’s position in the global bitcoin mining industry.