El Salvador is making waves in the world of Bitcoin mining by exploring innovative ways to enhance its operations. President Nayib Bukele recently proposed a unique approach that involves renting out the country’s volcanoes to miners.
The idea was shared in a social media post on X (formerly Twitter), where Bukele suggested that miners could tap into the geothermal energy produced by El Salvador’s 170 volcanoes for sustainable Bitcoin mining. This inspiration came after the successful use of geothermal energy to power the mining of 474 BTC, valued at $46 million.
In response to the post, Bukele pointed out the vast potential of utilizing the country’s volcanoes for mining, stating, “With 170 volcanoes…a ‘rent your volcano to mine Bitcoin’ program might actually make sense.” Daniel Alvarez, Director General of Energy, Hydrocarbons, and Mines, quickly responded to the President’s suggestion, confirming that his team would work on preparing a new geothermal energy law to facilitate the initiative.
Max Keiser, a senior Bitcoin advisor to the President, praised the idea, highlighting that it positions El Salvador as a leader in Bitcoin adoption. He commented, “El Salvador’s rent-a-volcano to mine Bitcoin will put it in the lead in the global Bitcoin per capita (BPC) race.”
The proposed initiative comes at a time when El Salvador’s Bitcoin stash has achieved significant unrealized gains amid the recent crypto market rally. According to NayibTracker, the country holds over 6,000 BTC, with an unrealized profit exceeding $168 million. However, the official Bitcoin Office data reflects a slightly lower total of 5,932 tokens, valued at approximately $585.2 million at current prices.
El Salvador began accumulating Bitcoin in 2021, the same year the cryptocurrency was declared legal tender. Despite facing criticism and warnings from financial organizations like the International Monetary Fund (IMF) over its Bitcoin adoption, the country has remained steadfast in its commitment to the digital currency.
President Bukele recently celebrated the success of the Bitcoin plan in a social media post, confidently stating, “I told you so.”
Overall, El Salvador’s innovative approach to Bitcoin mining and utilization of its natural resources demonstrates the country’s forward-thinking attitude towards cryptocurrency adoption. The proposed rent-a-volcano program could potentially revolutionize the mining industry and solidify El Salvador’s position as a global leader in Bitcoin innovation.