El Salvador is exploring revolutionary methods to enhance its bitcoin mining operations, with President Nayib Bukele proposing a novel strategy – leasing the nation's volcanoes to miners.
The concept, shared in a Nov. 25 social media put up on X (previously Twitter), means that miners might harness the geothermal power produced by these pure wonders to sustainably mine bitcoins.
The inspiration was a social media put up highlighting the profitable use of geothermal power in El Salvador, which had already powered the mining of 474 BTC price $46 million.
In response to the put up, Bukele identified that the nation has 170 volcanoes that present an enormous supply of power that would appeal to international miners trying to minimize prices. He acknowledged:
“With 170 volcanoes… a 'hire a volcano to mine bitcoin' program may make sense.”
Daniel Alvarez, Director Normal of Power, Hydrocarbons and Mines, instantly responded to the President's proposal. He confirmed that his group will start drafting a brand new legislation on geothermal power to facilitate the initiative.
Max Keiser, the president's senior adviser on bitcoin, praised the thought and emphasised that it positions El Salvador as a frontrunner in bitcoin adoption. He mentioned:
“El Salvador's rent-a-volcano to mine Bitcoin will reveal it main the worldwide bitcoin per capita (BPC) race.
Bitcoin revenue
The proposed initiative coincides with the stashing of bitcoins in El Salvador, making vital unrealized good points amid a broader crypto market rally.
In keeping with NayibTracker, the nation holds over 6,000 BTC, with unrealized income exceeding $168 million. Nevertheless, official knowledge from the Central American nation's Bitcoin Authority displays a barely decrease whole of 5,932 tokens, price round $585.2 million at present costs.
El Salvador began hoarding bitcoins in 2021, the identical yr the highest cryptocurrency was declared authorized tender. Since then, the nation has remained steadfast on its path regardless of the fixed barrage of criticism and warnings from monetary organizations such because the Worldwide Financial Fund (IMF) concerning the adoption of Bitcoin.
So it was no shock that President Bukele bragged concerning the success of the Bitcoin plan in a current X put up stating “I instructed you so”.
