Bitcoin City: Here’s how volcano will power coin-shaped metropolis

November 20, 2021 10:16 PM PST | By Sundeep Radesh

Google News:

Bitcoin City: Here’s how volcano will power coin-shaped metropolis — Image source: cozy0, shutterstock.com

Recent News

Kalkine: Nasdaq Today Sees Shift as Appian Alters Ownership Structure

Kalkine : Holley Inc Earnings Per Share Reflect Sector Momentum

Kalkine : Top NASDAQ Companies by Market Cap Amid AlTi Global Shift

Kalkine : NYSE Composite Trends Featuring Meritage Homes

Highlights

‘Bitcoin Week’ ended with El Salvador President Nayib Bukele announcing the world’s first ‘Bitcoin City’

A nearby volcano will power the coin-shaped metropolis

The week-long celebration saw concerts and parties besides two conferences

To close off the country’s ‘Bitcoin Week’, El Salvador President Nayib Bukele announced Saturday, November 20, that the country plans to build the world’s first ‘Bitcoin City’. Speaking at what was effectively the closing ceremony of a week that saw Bitcoin enthusiasts descend on the country, Mr. Bukele, who at 40 is one of the youngest world leaders, said the city will be powered by a nearby volcano and be tax-free save for value added tax (VAT).

As the crowd hailed the news, Mr. Bukele said 2022 will see the issuance of bitcoin bonds which will begin the funding process for what is visioned to be a metropolis shaped as a coin near the Gulf of Fonseca. Liquid Network constituent Blockstream will develop the bond worth US$1 billion, and initially, US$500 million will be used for the energy and mining infrastructure.

Undoubtedly, Mr. Bukele is betting big on bitcoin. In September, he made it legal tender, El Salvador becoming the first country to do so. And if anything ‘Bitcoin Week’ has shown, it is that volatile price changes in the short to medium term are of no concern to its backers who are betting on the token long term.

The week culminated with its second conference, the three-day Latin America Bitcoin and Blockchain Conference, and saw concerts and parties and generally the bitcoin community celebrating itself.

Also read: Top fintech trends of 2022: Blockchain to dominate

Image description: Bitcoin City announced at Bitcoin Week by El Salvador President Nayib Bukele

How volcanos can be used to mine bitcoin

El Salvador has about 20 active volcanoes out of a total of 30. Geothermal energy from these can be a serious source to power mining infrastructure.

Berlin, not the German capital, but the one in El Salvador had a geothermal plant built in 1999. Here, 16 deep shafts see steam circulation to power three turbines. It produces 107 megawatts, and just five of which can power 300 computers day and night.

Bottom line:

On November 10, bitcoin reached its all-time high of US$69,044.77. It began the year at US$ 29,000.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.