El Salvador is exploring progressive methods to improve its Bitcoin mining operations, with President Nayib Bukele proposing a novel method—renting out the nation’s volcanoes to miners.
The concept, shared in a Nov. 25 social media publish on X (previously Twitter), means that miners may faucet into the geothermal power produced by these pure wonders for sustainable Bitcoin mining.
The inspiration got here from a social media publish highlighting El Salvador’s profitable use of geothermal power, which has already powered the mining of 474 BTC, valued at $46 million.
In response to the publish, Bukele identified that the nation has 170 volcanoes, offering an unlimited power supply that would entice world miners trying to lower prices. He acknowledged:
“With 170 volcanoes…a ‘rent your volcano to mine Bitcoin’ program might actually make sense.”
Daniel Alvarez, Director General of Energy, Hydrocarbons, and Mines, responded promptly to the President’s suggestion. He confirmed that his crew would start making ready a brand new geothermal power legislation to facilitate the initiative.
Max Keiser, a senior Bitcoin advisor to the President, praised the thought, emphasizing that it positions El Salvador as a frontrunner in Bitcoin adoption. He mentioned:
“El Salvador’s rent-a-volcano to mine Bitcoin will put it in the lead in the global Bitcoin per capita (BPC) race.”
Bitcoin revenue
The proposed initiative coincides with El Salvador’s Bitcoin stash, attaining vital unrealized positive factors amid the broader crypto market rally.
According to NayibTracker, the nation holds over 6,000 BTC, with an unrealized revenue exceeding $168 million. However, the Central American nation’s official Bitcoin Office information displays a barely decrease complete of 5,932 tokens, valued at roughly $585.2 million at present costs.
El Salvador started accumulating Bitcoin in 2021, the identical 12 months the highest crypto was declared authorized tender. Since then, the nation has remained resolute on its path regardless of the constant wave of criticism and warnings from monetary organizations just like the International Monetary Fund (IMF) over its Bitcoin adoption.
So, it was unsurprising that President Bukele boasted in regards to the success of the Bitcoin plan in a latest X publish, stating, “I told you so.”
