El Salvador: Bitcoin city planned at base of Conchagua volcano

El Salvador: The country plans to build a Bitcoin city along the Gulf of Fonseca at the base of a volcano.

According to the president, cryptocurrency will be used to fund the project. The Bitcoin city is will be given a circular shape to give the impression of a large coin. It will be built in the south-eastern region of La Unión along the gulf of Fonseca . The city’s location will favour its economy as it is located near a volcano which will be the source of Geothermal energy for Bitcoin mining.

El Salvador has recently gained the title of being the first country to use Bitcoin as legal tender. This move was highly opposed at first as the people had fears regarding cryptocurrency and that it would bring instability and inflation to El Salvador.

The new city will contain residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail and all other facilities.

Mining Bitcoin and other cryptocurrencies is done using computers to solve puzzles. This process costs alot and requires alot of energy.

One Bitcoin is currently trading at about under $60,000 (£45,000).

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