Tension between Phule and the economist over a dormant volcano to mine bitcoin

Economy

President Naib Boukel and US economist Steve Hank Staged a humiliating confrontation on social websites.

Hankey is a professor of applied economics at Johns Hopkins University in Maryland, USA, who is critical of cryptocurrencies and the legalization of bitcoin in El Salvador.

Anita Bose, an economist who took note of the investigation in Bitcoin magazine, took to her Twitter account and described the federal government as a dictatorship, pointing out that the acceptance of bitcoin in El Salvador was a political movement.

In his tweet, Hanke wrote that the proposal for a bitcoin city was made like “Florida for ice” – a state with a tropical climate. He added Extracting energy from a dormant volcano is “a clown that attracts the attention of a narcissistic president full of hot air.”

.நயிப்புகேலேThe city of Bitcoin is proposed as Florida preparing for the ice. The advertised power source for the city is a dormant volcano. It is the act of attracting the attention of a narcissistic president full of hot air. https://t.co/J53p6NJgHN

– Steve Hhanke (steve_hanke) January 7, 2022

President Buchel also responded on Twitter, writing, “Definitely a dormant volcano, stupid.” The President wrote “id10t”, which is an alphanumeric way of referring to the words used for a computer error or the word stupid.

This guy

Of course you id10t is a dormant volcano!

Most of the geothermal energy is taken from wells near dormant volcanoes!

Why build a city below an active volcano? ⁇ https://t.co/HGh6UGZ0u0

– நயிப் புகேலே 🇸🇻 (aynayibbukele) January 7, 2022

He said most of the geothermal energy is extracted from dormant volcanoes. “Why are you building a city under an active volcano?” Bugel asked, taking the economist’s tweet.

Last November, President Buckell announced the construction of a bitcoin city based on geothermal technology extracted from the Konsakua volcano in La Union. To fund the project, the government is preparing a $ 1 billion offer in bitcoin.

You may be interested in: The government is analyzing the issuance of bonds in bitcoin to repay the loan

The offer was made by Blackstream, and its executive, Samson Moe, took to Steve Hanky’s tweet, saying, “If you know nothing about it, shut up.”

All the geothermal plants in El Salvador, such as the Berlin facility, are located around dormant volcanoes. Just keep your mouth shut if you don’t know anything. ⁇ https://t.co/TIC37NoYxU pic.twitter.com/GceAMiS983

– Samson Mow (ெல்ல Excelion) January 7, 2022

The last eruption was in 1892, according to the Ministry of Environment and Natural Resources.

Bukele’s management plans include bitcoin mining, for which LaGeo, a subsidiary of the state – run Lempa River Hydroelectric Executive Commission (CEL), has given 1.4% of the plant’s capacity in Berlin.

Geothermal energy is generated from steam, heated, and stored naturally underground. LaGeo manages a 95 MW (MW) plant in Ahuachapán and 109.4 MW in Berlin, Usulután.