El Salvador is exploring modern methods to boost its Bitcoin mining operations, with President Nayib Bukele proposing a novel strategy—renting out the nation’s volcanoes to miners.
The thought, shared in a Nov. 25 social media submit on X (previously Twitter), means that miners might faucet into the geothermal power produced by these pure wonders for sustainable Bitcoin mining.
The inspiration got here from a social media submit 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 submit, Bukele identified that the nation has 170 volcanoes, offering an unlimited power supply that might entice international miners trying to reduce prices. He said:
“With 170 volcanoes…a ‘hire your volcano to mine Bitcoin’ program would possibly truly make sense.”
Daniel Alvarez, Director Normal of Power, Hydrocarbons, and Mines, responded promptly to the President’s suggestion. He confirmed that his group would start getting ready a brand new geothermal power legislation to facilitate the initiative.
Max Keiser, a senior Bitcoin advisor to the President, praised the concept, emphasizing that it positions El Salvador as a pacesetter in Bitcoin adoption. He stated:
“El Salvador’s rent-a-volcano to mine Bitcoin will put it within the lead within the international Bitcoin per capita (BPC) race.”
Bitcoin revenue
The proposed initiative coincides with El Salvador’s Bitcoin stash, attaining vital unrealized positive aspects amid the broader crypto market rally.
Based on NayibTracker, the nation holds over 6,000 BTC, with an unrealized revenue exceeding $168 million. Nonetheless, the Central American nation’s official Bitcoin Workplace information displays a barely decrease whole 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 Worldwide Financial Fund (IMF) over its Bitcoin adoption.
So, it was unsurprising that President Bukele boasted concerning the success of the Bitcoin plan in a latest X submit, stating, “I instructed you so.”
