cryptoslate.com
El Salvador is exploring innovative ways to enhance its Bitcoin mining operations, with President Nayib Bukele proposing a unique approach—renting out the country’s volcanoes to miners.
The idea, shared in a Nov. 25 social media post on X (formerly Twitter), suggests that miners could tap into the geothermal energy produced by these natural wonders for sustainable Bitcoin mining.
The inspiration came from a social media post highlighting El Salvador’s successful use of geothermal energy, which has already powered the mining of 474 BTC, valued at $46 million.
In response to the post, Bukele pointed out that the nation has 170 volcanoes, providing a vast energy source that could attract global miners looking to cut costs. He stated:
“With 170 volcanoes…a ‘rent your volcano to mine Bitcoin’ program might actually make sense.”
Daniel Alvarez, Director General of Energy, Hydrocarbons, and Mines, responded promptly to the President’s suggestion. He confirmed that his team would begin preparing a new geothermal energy law to facilitate the initiative.
Max Keiser, a senior Bitcoin advisor to the President, praised the idea, emphasizing that it positions El Salvador as a leader in Bitcoin adoption. He said:
“El Salvador’s rent-a-volcano to mine Bitcoin will put it in the lead in the global Bitcoin per capita (BPC) race.”
Bitcoin profit
The proposed initiative coincides with El Salvador’s Bitcoin stash, achieving 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. However, the Central American country’s 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 top crypto was declared legal tender. Since then, the country has remained resolute on its path despite the consistent wave of criticism and warnings from financial organizations like the International Monetary Fund (IMF) over its Bitcoin adoption.
So, it was unsurprising that President Bukele boasted about the success of the Bitcoin plan in a recent X post, stating, “I told you so.”