A rich expat Salvadoran is about 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 in regards to 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 challenge that features a facility that mines bitcoin and a photovoltaic plant.”
The power would, if López will get his manner, be based mostly in Nueva Concepción, within the Northern Salvadoran city of Chalatenango.
Mayorga claimed that work on the ability’s “infrastructure” started yesterday and that the development effort would take some eight months to finish.
The Ambassador added that the plant would supply 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 in regards to the era capability of the solar energy plant. Nor did she present any element in regards to the scale of the proposed BTC mining facility. The media outlet additionally famous that “particulars about López’s firm” have been additionally scant.
López, in the meantime, hinted that he had state help for the challenge.
He was quoted as stating that it was “an honor to have the ability to direct this challenge” 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 can be for the aim of benefiting our stunning nation.”
The media has been scathing in regards to the authorities’s bitcoin adoption plans within the wake of the latest market crunch.
Regardless, President Nayib Bukele has urged residents and supporters to think about his challenge. 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 ability the “volcanode.”
