How much energy can you extract from the inactive Conchagua volcano? Where’s the feasibility study? El Salvador already has an enormous energy deficit & imports 22% of its electricity use (@IEA). Without a feasibility study, no one knows how Bitcoin City will affect this deficit. https://t.co/uBMEAGEOXF
— Steve Hanke (@steve_hanke) January 8, 2022
Don’t blow your top
“But we’ve dug new wells and we are planning to increase our geothermal production… by a lot. Only this well, I tweeted about some months ago, will produce 95 MW of clean, cheap and renewable energy from a source that is going to last at least a couple of million years.”
We’ve a 90% chance of finding at least a +42 MW well. Enough to power all of #Bitcoin City.
And if the city grows far more than expected (good problem), then we can still use the 95 MW plant we are building for the initial powering. pic.twitter.com/7gk1fu8sWg
— Nayib Bukele 🇸🇻 (@nayibbukele) January 9, 2022
Raging below the surface
Bukele may be confident about the country’s volcanic energy resources and the profitability of Bitcoin city. However, there are concerns about the region’s local people and what the creation of a fintech hub will do to their land and economy.
Market in magma
Bitcoin’s press time price was $41,757.80. A long way from the $65,000+ highs of last year, the market has been steeping in a state of extreme fear. At this moment, it is uncertain what can be expected next.
Bitcoin Fear and Greed Index is 23 — Extreme Fear
Current price: $41,473 pic.twitter.com/fMA45Bmy2o
— Bitcoin Fear and Greed Index (@BitcoinFear) January 9, 2022