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Volcano Energy Advances Bitcoin Mining in El Salvador

Volcano Energy Advances Bitcoin Mining in El Salvador

Apr 17, 2024
Bitcoin Mining

Volcano Energy Advances Bitcoin Mining in El Salvador

Volcano Energy, an innovative Bitcoin mining company, has been reported to make significant progress in its operations. According to an interview with Diario El Salvador, CEO Josué López revealed that the company's renewable energy plants are nearing completion, with Bitcoin mining activities anticipated to start in the upcoming months.

López stated, "We’re not just a Bitcoin consumption or mining company; that is, we don’t only consume energy, but the idea is to produce the same energy we are consuming."

The company's photovoltaic plant is expected to be operational by the end of this year, allowing mining to begin in January 2025. It is projected to generate 85 megawatts (MW) of power. Moreover, a wind power plant is slated to start mining in the second quarter of 2025, with a capacity of 49.6 MW. Excess energy from these plants will be supplied to the national grid.

"We expect to reach over 130 megawatts in total. However, with time, we could reach up to 242 megawatts through a combination of wind and photovoltaic," López added. He also shared that the future addition of a geothermal plant, capable of producing 35 to 45 MW, will increase their mining efficiency and reduce operational costs.

López elaborated on the economic advantages for El Salvador, such as the government's entitlement to 23% of the mining profits and the injection of surplus energy into the national grid at rates "well below the norm." He expressed hope that this could lower energy tariffs for Salvadorans.

Once the geothermal plant is functioning, providing nearly consistent mining support, the company plans to "donate all the energy from solar and wind production to the people."

In terms of workforce development, López emphasized the company's focus on training Salvadoran professionals to ensure local expertise for future projects. "We have brought in the best specialists from around the world and asked them to teach engineers from the country so that the next generation of Salvadorans can design and build energy and mining projects within the country," he concluded.

El Salvador in English Article


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