BlocksInform
Steve Hanke's crisis against President Bukele's Bitcoin policy this week has degenerated to a whole new level, prompting Bukele to focus on the economist's remarks in a no-if-presidential manner.
It all began Thursday after Steve compared El Salvador's anticipation for the proposed bitcoin city to Florida preparing for snow, insinuating that it was just a fad. rubbishing the conchaguo volcano as an inactive volcano unfit to produce energy, the economist went on to call out bukele for what he termed as “attention-grabbing antics from a narcissistic president who is full of hot air.” Bukele who did not take the lengthened statement responded by calling Steve an "ID-10t".
Bukele defends his volcano energy plan.
But there is more to the saga. “how much energy can you extract from the inactive conchagua volcano? Where is this feasibility study?" steve asked yesterday after a ton of insults from bukele’s supporters, “el salvador already has an enormous energy deficit & imports 22% of its electricity use. Without a feasibility study, nobody knows how Bitcoin City will affect this deficit."
Apparently frustrated, bukele sought to "educate" Steve bringing with him a war chest of justifications for his city's bitcoin and volcano mining projects.
Deny the claims that El Salvador has an energy deficit, bukele boasted about how his country could produce twice its energy consumption and even export its surplus energy.
He says, el salvador's current practice of importing energy is based on the fact that its country is part of an open regional market, and energy producers in other countries continue to beat certain producers in the country in prices.
according to bukele, harnessing power from some of the over 170 volcanos in the state is part of his government’s plan to increase its geothermal production.
"So far, we've dug through 4 of them, and we plan to put some of the excess energy into Bitcoin mining and the initial powering up of Bitcoin City."
What about Conchagua's "idle" volcano?
just to be clear, bukele states that the “inactive” conchagua volcano is under scrutiny and if the set energy production parameters are met, then the works shall begin.
"We have a 90% chance of finding at least a 42 MW well. Enough to feed the whole city of Bitcoin." he says before adding “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.”
Bukele is known to crush his critics often portraying himself as the know-it-all individual, justifying his bitcoin schemes even in the face of harsh criticism. While the maximalists can defend its administrative style, dissidents against its bitcoin policies and the chivo program are already causing upheavals in the central american republic after what now seems to be a dubious plan.
