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Half of the money raised from the bonds will be used to buy bitcoins, while the other half will be used for infrastructure development and bitcoin mining using geothermal energy.

However, Nayib Bukele did not give a date for the city's construction or completion. But he said that building the city's public infrastructure will cost 300,000 bitcoins. Currently, the price of a bitcoin is about $57,000.

In September of this year, El Salvador became the first country to use bitcoin as legal tender.