El Salvador is looking for innovative ways to boost its Bitcoin mining operations, with President Nayib Bukele proposing a unique approach: leasing out the country's volcanoes to miners.
The idea, shared in a Nov. 25 social media post on suggests that it can be done.
The inspiration came from a social media post highlighting the success of El Salvador's use of geothermal energy, which has already powered the mining of 474 BTC (worth $46 million).
In response to the post, Bukele pointed out that the country has 170 volcanoes, providing vast energy sources that could attract global miners looking to cut costs. He said:
“With 170 volcanoes, a ‘rent a volcano to mine Bitcoin’ program might actually make sense.”
Daniel Alvarez, director of the Department of Energy, Hydrocarbons and Mines, immediately responded to the president's proposal. He confirmed that his team will begin preparing a new geothermal energy law to facilitate this effort.
Max Kaiser, the President's senior Bitcoin advisor, praised the idea and emphasized that it positions El Salvador as a leader in Bitcoin adoption. he said:
“If you rent a volcano in El Salvador and mine Bitcoin, It is at the top of the global Bitcoin per capita (BPC) competition. ”
bitcoin profit
The proposed initiative is consistent with El Salvador's Bitcoin stash, which has achieved significant unrealized gains amid a broader rally in the cryptocurrency market.
According to NayibTracker, the country holds more than 6,000 BTC with unrealized gains of more than $168 million. However, official data from the Central American country's Bitcoin Office reflects a slightly lower total of 5,932 tokens, equivalent to approximately $585.2 million at current prices.
El Salvador began accumulating Bitcoin in 2021, the year the top cryptocurrency was declared legal tender. Since then, the country has remained steadfast despite constant criticism and warnings from financial institutions such as the International Monetary Fund (IMF) against Bitcoin adoption.
It is therefore no surprise that President Bukele boasted about the success of his Bitcoin plan in a recent post on X, saying, “I told you so.”
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