El Salvador is on the lookout for modern methods to spice up its Bitcoin mining operations, with President Nayib Bukele proposing a novel method: leasing out the nation's volcanoes to miners.

The concept, shared in a Nov. 25 social media submit on means that it may be executed.

The inspiration got here from a social media submit highlighting the success of El Salvador's use of geothermal vitality, which has already powered the mining of 474 BTC (price $46 million).

In response to the submit, Bukele identified that the nation has 170 volcanoes, offering huge vitality sources that would appeal to world miners trying to lower prices. He stated:

“With 170 volcanoes, a 'lease a volcano to mine Bitcoin' program may truly make sense.”

Daniel Alvarez, director of the Division of Vitality, Hydrocarbons and Mines, instantly responded to the president's proposal. He confirmed that his staff will start making ready a brand new geothermal vitality legislation to facilitate this effort.

Max Kaiser, the President's senior Bitcoin advisor, praised the thought and emphasised that it positions El Salvador as a frontrunner in Bitcoin adoption. he stated:

“For those who lease a volcano in El Salvador and mine Bitcoin, It’s on the high of the worldwide Bitcoin per capita (BPC) competitors. ”

bitcoin revenue

The proposed initiative is in step with El Salvador's Bitcoin stash, which has achieved important unrealized features amid a broader rally within the cryptocurrency market.

In accordance with NayibTracker, the nation holds greater than 6,000 BTC with unrealized features of greater than $168 million. Nonetheless, official information from the Central American nation's Bitcoin Workplace displays a barely decrease complete of 5,932 tokens, equal to roughly $585.2 million at present costs.

El Salvador started accumulating Bitcoin in 2021, the 12 months the highest cryptocurrency was declared authorized tender. Since then, the nation has remained steadfast regardless of fixed criticism and warnings from monetary establishments such because the Worldwide Financial Fund (IMF) towards Bitcoin adoption.

It’s subsequently no shock that President Bukele boasted in regards to the success of his Bitcoin plan in a latest submit on X, saying, “I informed you so.”

talked about on this article