El Salvador toys with renting 170 volcanoes to Bitcoin miners, aims to disrupt industry

El Salvador is exploring revolutionary methods to enhance its Bitcoin mining operations, with President Nayib Bukele proposing a singular strategy: leasing the nation’s volcanoes to miners.

The concept, shared in a November 25 social media publish on X (previously Twitter), means that miners might faucet the geothermal power produced by these pure wonders for sustainable Bitcoin mining.

The inspiration got here from a social media publish highlighting the profitable use of geothermal power in El Salvador, which has already powered the mining of 474 BTC, price $46 million.

Responding to the publish, Bukele identified that the nation has 170 volcanoes, which give an enormous power supply that might entice world miners searching for price financial savings. He declared:

“With 170 volcanoes… a ‘lease your volcano to mine Bitcoin’ program would possibly make sense.”

Daniel Alvarez, Director Basic of Vitality, Hydrocarbons and Mines, responded instantly observe the President’s proposal. He confirmed that his workforce would start getting ready a brand new geothermal power regulation to facilitate the initiative.

Max Keizer, a senior Bitcoin advisor to the president, praised the concept, emphasizing that it positions El Salvador as a pacesetter in Bitcoin adoption. He stated:

“The rent-a-volcano in El Salvador to mine Bitcoin will say so main the worldwide Bitcoin per capita (BPC) race.

Bitcoin Revenue

The proposed initiative coincides with El Salvador’s Bitcoin provide, delivering important unrealized good points amid the broader rally within the crypto market.

In accordance with NayibTrackerthe nation owns over 6,000 BTC, with unrealized income of over $168 million. Nevertheless, the official Bitcoin Workplace of the Central American nation facts displays a barely decrease whole of 5,932 tokens, valued at roughly $585.2 million at present costs.

El Salvador began accumulating Bitcoin in 2021, the identical yr the primary cryptocurrency was declared authorized tender. Since then, the nation has remained resolutely on its path, regardless of the continued wave of criticism and warnings from monetary organizations such because the Worldwide Financial Fund (IMF) over Bitcoin adoption.

So it was not shocking that in a latest X-post, President Bukele bragged concerning the success of the Bitcoin plan and stated, “I instructed you so.”

Talked about on this article