A rich expat Salvadoran is ready to fund a USD 200m solar-powered Bitcoin (BTC) mining facility – and seems to have the backing of the federal government.
Per ElSalvador.com, the web site of the newspaper El Diario de Hoy, Milena Mayorga, El Salvador’s Ambassador to america, has spoken concerning the plan, which was masterminded by Josue López. The latter was described as a Salvadoran who’s at present dwelling in Switzerland.
López, Mayorga defined, manages a “multi-million greenback” fund that he needs to make use of to “make investments USD 200 million in a undertaking that features a facility that mines bitcoin and a photovoltaic plant.”
The power would, if López will get his manner, be primarily based in Nueva Concepción, within the Northern Salvadoran city of Chalatenango.
Mayorga claimed that work on the power’s “infrastructure” started yesterday and that the development effort would take some eight months to finish.
The Ambassador added that the plant would offer the city with “extra renewable vitality,” however would even be used to energy a brand new “bitcoin mining facility.”
Nonetheless, she didn’t add any particulars concerning the era capability of the solar energy plant. Nor did she present any element concerning the scale of the proposed BTC mining facility. The media outlet additionally famous that “particulars about López’s firm” had been additionally scant.
López, in the meantime, hinted that he had state help for the undertaking.
He was quoted as stating that it was “an honor to have the ability to direct this undertaking” with “the assistance of the federal government of El Salvador.”
López added:
“I owe every thing to El Salvador, and all of the investments made by my fund will likely be for the aim of benefiting our stunning nation.”
The media has been scathing concerning the authorities’s bitcoin adoption plans within the wake of the current market crunch.
Regardless, President Nayib Bukele has urged residents and supporters to think about his undertaking. Bukele has additionally ordered the event of a BTC mining facility close to a geothermal energy plant. The plant generates electrical energy from the nation’s volcanoes – and Bukele has dubbed the power the “volcanode.”
