El Salvador`s President Nayib Bukele has announced that his government will build an oceanside “Bitcoin City” at the base of a volcano. El Salvador will also be the first country to make the cryptocurrency legal tender.
A bond offering of the new city will be done in 2022 entirely in Bitcoin. 60 days after financing is secure, the construction is planned to begin.
The city will be built near the Conchagua volcano to take advantage of geothermal energy to power both the city and Bitcoin mining. This is the energy-intensive solving of complex mathematical calculations day and night to verify transactions.
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