El Salvador will be debt-free in 2030 with Bitcoin: Volcano Energy

by | Jun 12, 2023 | News

Volcano Energy’s project will have a first phase consisting of $250 million dollars but with a projection of reaching $1,000 million dollars.

The chairman of Volcano Energy, Max Keiser, foresees that by 2030, the company’s market capitalization will exceed El Salvador’s GDP (Gross Domestic Product) of $29 billion dollars (mdd) and will reach $50 billion dollars.

Volcano Energy’s project will have a first phase consisting of $250 million dollars, but with a projection to reach $1,000 million dollars.

This is as we expand geothermal mining and the price of Bitcoin soars to $1 million per coin, estimated the chairman of Volcano Energy.

In an interview with Diario El Salvador, Keiser said El Salvador will be debt-free by 2030 with bitcoin and bitcoin mining with geothermal.

“The main source over time will be geothermal, and the country is rich in it and we will use this resource. One of the main things that attracted us to El Salvador was the potential for bitcoin mining with geothermal energy,” he says.

El Salvador will have the largest Bitcoin mining project in the world. “We will start with 241 megawatts (MW), but the idea clearly is to increase it to 5,000, 10,000, 15,000 or even 20,000 MW,” he explains.


History and Evolution

Initially, mining was an activity accessible to individuals with personal computers. However, in 2013, competition for bitcoin rewards led to the development of specialized hardware, known as ASICs, which are significantly more efficient for the task of mining. This evolution has led to an increasing professionalization of bitcoin mining, with large mining farms and mining pools dominating bitcoin production.

Today there are billion dollar capitalized companies as well as sovereign countries mining bitcoin around the world.

The history of bitcoin mining reflects both the technological advances and the economic and regulatory challenges that have accompanied the growth and maturation of bitcoin.

Future of Mining
The future of bitcoin mining poses challenges and opportunities, especially in terms of sustainability and technology. The pursuit of renewable energy and hardware innovation could define the next era of bitcoin mining.

We at Volcano Energy are committed to mining bitcoin with renewable energy sources for a better El Salvador.

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