El Salvador's president, Nayib Bukele, has said that officials in his country will be able to use geothermal energy from one of the country's inactive volcanoes to power the Bitcoin City project.
Bukele said there is a 90 percent chance that the Conchagua volcano will be used to supply 42 megawatts — enough to power the entire city of Bitcoin, according to the Coin Telegraph.
He clarified that the state-owned Electricity Company (La Geo) continues to increase its production of geothermal energy from various volcanoes in the country, and it is believed that one of the sites is capable of producing 95 megawatts. .
Conchagua volcano, located near the eastern border of El Salvador and overlooking the Gulf of Fonseca, has had no historically confirmed eruptions.
According to Bukele, if the energy consumption in the planned Bitcoin City for the country exceeds the capacity of the volcano, it can be obtained from other locations.
He said any excess energy would also be used to mine Bitcoin (BTC) to add to El Salvador's vaults.
Bukele earlier announced several cryptocurrency purchases totaling 1,391 bitcoins - more than $57.7 million after prices briefly plunged below 40 thousand dollars.
The president of El Salvador aims for Bitcoin City to become a fully functional city with jobs in tourism, construction, commerce and engineering.
Residents will reportedly not pay any capital gains, income, property or salary taxes.
