El Salvador is exploring modern methods to enhance its Bitcoin mining operations, with President Nayib Bukele proposing a singular strategy: leasing the nation's volcanoes to miners.
The thought, shared in a November 25 social media submit on X (previously Twitter), means that miners may harness the geothermal power produced by these pure wonders for sustainable Bitcoin mining.
The inspiration got here from a social media submit highlighting the profitable use of geothermal power in El Salvador, which has already enabled the mining of 474 BTC, valued at $46 million.
In response to this message, Bukele identified that the nation has 170 volcanoes, offering an unlimited supply of power that would entice world miners trying to minimize prices. He declared:
“With 170 volcanoes… a “hire your volcano to mine Bitcoin” program may truly make sense. »
Daniel Alvarez, Director Normal of Vitality, Hydrocarbons and Mining, responded rapidly to the president's suggestion. He confirmed that his staff would start making ready a brand new regulation on geothermal power to facilitate this initiative.
Max Keizer, the president's senior advisor on Bitcoin, welcomed the thought, noting that it positions El Salvador as a pacesetter in Bitcoin adoption. He stated:
“Renting a volcano in El Salvador to mine Bitcoin will make it doable main the worldwide Bitcoin per capita (BPC) race.
Bitcoin Revenue
The proposed initiative coincides with El Salvador's Bitcoin reserve making vital unrealized positive aspects amid the broader crypto market rally.
In line with NayibTracker, the nation holds over 6,000 BTC, with unrealized revenue exceeding $168 million. Nevertheless, official information from the Central American nation's Bitcoin Workplace 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 yr the main crypto was declared authorized tender. Since then, the nation has remained decided on its path regardless of the fixed wave of criticism and warnings from monetary organizations just like the Worldwide Financial Fund (IMF) concerning Bitcoin adoption.
It's no shock, then, that President Bukele bragged in regards to the success of the Bitcoin plan in a latest X-article, declaring, “I informed you so.”
