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El Salvador will receive $1.6 billion in infrastructure investment for the future tax-free zone Bitcoin City. The government said it raised funds from Turkish holding company Yilport to modernize and build two seaports in El Salvador, which would be the largest private investment in the country's history, Decrypt writes.
One of the sites is the Acajutla seaport, which handles most of Peru's coffee, sugar, and balsamic salt exports, and the other is the inactive La Union seaport, located where Bitcoin City is planned to be built.
The construction of Bitcoin City was announced in November 2021, presenting the initiative as a tax-free city funded by mining the main cryptocurrency. The data centers where the mining rigs will be located are planned to be powered by electricity extracted from regional volcanoes, rather than the local civil power grid.
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