Volcano Energy announces Bitcoin mining industry project for El Salvador

by | Jun 13, 2023 | News

    In El Salvador, a new project will be created through Volcano Energy focused on the Bitcoin mining industry, by foreign investors, who assure that in the initial phase of the project, they will have a capital of $250 million dollars, a figure that they project to exceed and reach $1 billion dollars.

    “The main source will eventually be geothermal energy, 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 of bitcoin mining with geothermal energy”, highlighted the chairman of Volcano Energy, Max Keiser, with respect to the generation of bonds with which he foresees that the country will be debt free in 2030.

    Likewise, Kaiser detailed that the project will be initially fed through a renewable energy generation park of 241 megawatts (MW) that will be located in the hamlet of El Shiste, municipality of Metapán, Santa Ana, energy that they expect to increase to 5,000, 10,000, 15,000 or even 20,000 MW.


    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.

    Related News