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Despite the bear market, a Salvadoran wants to build a $200 million power plant to mine Bitcoin

A wealthy Salvadoran expat is set to fund a $200 million solar-powered Bitcoin (BTC) mining facility — and apparently backed by the government.

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

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

The facility, if López gets his way, will be based at Nueva Concepción, in the town of Chalatenango, in Northern Salvador.

Mayorga stated that work on the facility’s “infrastructure” began yesterday and the construction effort will take about eight months to complete.

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

However, she did not give any further details about the generating capacity of the solar power plant. She also did not provide any details on the size of the proposed BTC mining facility. The media also noted that “details of López’s company” were also scant.

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

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

López added:

“I owe El Salvador everything, and all the investments my foundation makes will be aimed at benefiting our beautiful country.”

The media has been buzzing about the government’s plans to adopt bitcoin in the wake of the recent market crash.

Despite that, President Nayib Bukele appealed to the people and supporters to have faith in his project. Bukele 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 a “volcano“.