Revolutionizing Bitcoin Mining in El Salvador: Renting Volcanoes for Sustainable Energy
El Salvador is taking a unique approach to enhance its Bitcoin mining operations, with President Nayib Bukele proposing an innovative idea—renting out the country’s volcanoes to miners.
Utilizing Geothermal Energy for Sustainable Mining
In a social media post on Nov. 25, President Bukele shared the idea of tapping into the geothermal energy produced by the country’s 170 volcanoes for sustainable Bitcoin mining. This concept was inspired by the successful use of geothermal energy in El Salvador, which has already powered the mining of 474 BTC, valued at $46 million.
Preparing for a New Geothermal Energy Law
In response to the President’s suggestion, Daniel Alvarez, Director General of Energy, Hydrocarbons, and Mines, confirmed that his team would begin preparing a new geothermal energy law to facilitate the initiative. This move aims to attract global miners looking to reduce costs by utilizing the abundant energy source provided by the volcanoes.
Praising El Salvador’s Leadership in Bitcoin Adoption
Max Keiser, a senior Bitcoin advisor to the President, praised the idea of renting volcanoes for Bitcoin mining, highlighting that it positions El Salvador as a leader in Bitcoin adoption. He emphasized that this initiative will place the country at the forefront of the global Bitcoin per capita (BPC) race.
Significant Bitcoin Holdings and Unrealized Gains
El Salvador’s proposed initiative comes at a time when the country’s Bitcoin holdings have achieved significant unrealized gains amid the broader crypto market rally. According to NayibTracker, the country holds over 6,000 BTC, with an unrealized profit exceeding $168 million.
Despite facing criticism and warnings from financial organizations like the International Monetary Fund (IMF), El Salvador has remained steadfast in its Bitcoin adoption. The country’s official Bitcoin Office data reflects a total of 5,932 tokens, valued at approximately $585.2 million at current prices.
President Bukele recently boasted about the success of the Bitcoin plan in a social media post, reaffirming his commitment to the cryptocurrency despite challenges and opposition.
