International cryptocurrency investors visit Berlin geothermal plant, El Salvador

International cryptocurrency investors visit Berlin geothermal plant, El Salvador Berlin geothermal power plant, El Salvador (source:
Alexander Richter 17 Nov 2021

A group of European cryptocurrency investors visit the Berlin geothermal power plant of LaGeo in El Salvador.

A group of European cryptocurrency investors visited a geothermal power plant last week to learn about the Government of El Salvador’s bitcoin mining project and evaluate “investment possibilities.”, as reported locally and by Informador.

The visitors were accompanied by the president of the Lempa River Hydroelectric Executive Commission (CEL), Daniel Álvarez, and the ambassador of El Salvador in Germany, Florencia Vilanova.

The diplomat pointed out that there are 41 members of the “bitcoin community in Europe” from Germany, Switzerland and Austria, who came to the geothermal power plant located in the town of Berlin, in the eastern department of Usulután. “They wanted to know first-hand all the work that is being done here, in El Salvador; learn about geothermal energy generation for bitcoin mining, see investment possibilities in the country, “he told journalists. He added that in the coming days they will meet with representatives of the Foreign Ministry, banks and the Ministry of Tourism, among other entities.

For his part, Álvarez said that the generation of “clean energy” should be promoted because “we look to the future, which are cryptocurrencies” and “we do not have to depend on oil, which fluctuates in price, while the Sun will always radiate the same”.

At the beginning of October, President Nayib Bukele assured that his government carried out the first bitcoin mining with geothermal energy, without giving further details of the cost it represents to the country.

The bitcoin mining process consists of the so-called miners, using powerful computer equipment, solving mathematical problems on the “blockchain” and whoever does it faster receives the new cryptocurrencies generated.

Bukele did not detail the cost of the specialized equipment acquired for mining, the amount of energy used, the cost of the facilities or the number of people assigned to this activity.

El Salvador delivered and on the day of the visit it has been two months since the country legally adopted bitcoin as its exchange currency, along with the US dollar.

These first 60 days were marked by the controversies that the project dragged from the beginning, the low acceptance between informal commerce and the “gains” left to the Government by a bullish streak in the price of the cryptoactive.

El Salvador was the first country in the world to adopt bitcoin and, despite the financial problems it has to cover its own annual budget, it allocated more than 200 million dollars for its implementation.

The state-owned Development Bank of El Salvador (Bandesal), which manages 150 million of the bitcoin fund, refused to reveal the information about the operations carried out in bitcoin and protected its decision to bank secrecy.