Cryptonews Bitcoin News

Despite the Bear Market, a Salvadoran Wants to Build a USD 200M Power Plant to Mine Bitcoin

Adoption

Bitcoin El Salvador

Mining

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Last updated:

June 26, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

A wealthy expat Salvadoran is set to fund a USD 200m solar-powered Bitcoin (BTC) mining facility – and appears to have the backing of the government.

Per ElSalvador.com, the website of the newspaper El Diario de Hoy, Milena Mayorga, El Salvador’s Ambassador to the United States, has spoken about the plan, which was masterminded by Josue López. The latter was described as a Salvadoran who is currently living in Switzerland.

López, Mayorga explained, manages a “multi-million dollar” fund that he wants to use to “invest USD 200 million in a project that includes a facility that mines bitcoin and a photovoltaic plant.”

The facility would, if López gets his way, be based in Nueva Concepción, in the Northern Salvadoran town of Chalatenango.

Mayorga claimed that work on the facility’s “infrastructure” began yesterday and that the construction effort would take some eight months to complete.

The Ambassador added that the plant would provide the town with “more renewable energy,” but would also be used to power a new “bitcoin mining facility.”

However, she did not add any details about the generation capacity of the solar power plant. Nor did she provide any detail about the scale of the proposed BTC mining facility. The media outlet also noted that “details about López’s company” were also scant.

López, meanwhile, hinted that he had state support for the project.

He was quoted as stating that it was “an honor to be able to direct this project” with “the help of the government of El Salvador.”

López added:

“I owe everything to El Salvador, and all the investments made by my fund will be for the purpose of benefiting our beautiful country.”

The media has been scathing about the government’s bitcoin adoption plans in the wake of the recent market crunch.

Regardless, President Nayib Bukele has urged citizens and supporters to have faith in his project. Bukele has also ordered the development of a BTC mining facility near a geothermal power plant. The plant generates electricity from the nation’s volcanoes – and Bukele has dubbed the facility the “volcanode.”

____

Learn more:
– Bukele Showcases Bitcoin City Plans and ‘Buys the BTC Dip’ Amid Stark Warning
– First Volcano Bitcoin Mined, Says El Salvador’s President

– El Salvadoran Government to Back New Token, Bukele Says ‘Don’t Panic’ About Falling Bitcoin Prices
– El Salvador’s Finance Minister ‘Laughs off’ Claims of USD 40M Bitcoin ‘Losses’

– El Salvador-hosted ‘44-nation Bitcoin Conference’ Not Quite a Nothing Burger
– Critics Say El Salvador Could Default on Conventional Debts Before it Even Issues Bitcoin Bonds