El Salvador is exploring modern methods to reinforce its Bitcoin mining operations, with President Nayib Bukele proposing a novel method—renting out the nation’s volcanoes to miners.
The concept, shared in a Nov. 25 social media publish on X (previously Twitter), means that miners might faucet into the geothermal vitality produced by these pure wonders for sustainable Bitcoin mining.
The inspiration got here from a social media publish highlighting El Salvador’s profitable use of geothermal vitality, which has already powered the mining of 474 BTC, valued at $46 million.
In response to the publish, Bukele identified that the nation has 170 volcanoes, offering an unlimited vitality supply that would appeal to world miners seeking to lower prices. He stated:
“With 170 volcanoes…a ‘lease your volcano to mine Bitcoin’ program may really make sense.”
Daniel Alvarez, Director Normal of Power, Hydrocarbons, and Mines, responded promptly to the President’s suggestion. He confirmed that his workforce would start getting ready a brand new geothermal vitality regulation to facilitate the initiative.
Max Keiser, a senior Bitcoin advisor to the President, praised the concept, emphasizing that it positions El Salvador as a pacesetter in Bitcoin adoption. He stated:
“El Salvador’s rent-a-volcano to mine Bitcoin will put it within the lead within the world Bitcoin per capita (BPC) race.”
Bitcoin revenue
The proposed initiative coincides with El Salvador’s Bitcoin stash, attaining important unrealized positive factors amid the broader crypto market rally.
Based on NayibTracker, the nation holds over 6,000 BTC, with an unrealized revenue exceeding $168 million. Nonetheless, the Central American nation’s official Bitcoin Workplace data displays a barely decrease complete of 5,932 tokens, valued at roughly $585.2 million at present costs.
El Salvador started accumulating Bitcoin in 2021, the identical yr the highest crypto was declared authorized tender. Since then, the nation has remained resolute on its path regardless of the constant wave of criticism and warnings from monetary organizations just like the International Monetary Fund (IMF) over its Bitcoin adoption.
So, it was unsurprising that President Bukele boasted concerning the success of the Bitcoin plan in a latest X publish, stating, “I instructed you so.”
Talked about on this article
Source link
