El Salvador, under the leadership of President Nayib Bukele, continues to solidify its position as a pioneer in Bitcoin (BTC) adoption. The president recently suggested on social media that the country could implement an innovative policy of “renting volcanoes” for Bitcoin mining.
“A ‘rent your volcano to mine Bitcoin’ program could make sense,” Bukele said. The idea comes after the success of a geothermal initiative that uses volcanic energy to mine the cryptocurrency.
Renting volcanoes to mine bitcoin – discover Bukele’s bold idea
In 2021, El Salvador made history by becoming the first nation to use geothermal energy to mine Bitcoin. This groundbreaking project employs 1.5 MW of power extracted from the Tecapa volcano, enabling the mining of 474 BTC, currently valued at approximately $46 million.
This approach combines technological capacity with the exploitation of renewable resources, marking a milestone in the integration of clean energy with cryptocurrency mining.
Although this initiative has received both praise and criticism, its implementation stands out as a more environmentally friendly model compared to conventional energy sources used in Bitcoin mining, which are known for their high environmental impact. One of the great pains of the crypto industry.
Bitcoin mining using volcanic energy in El Salvador. Source: AP
By using geothermal energy, El Salvador not only minimizes its carbon footprint, but also inspires other volcanically active nations to explore energy alternatives that promote sustainability.
In this sense, geothermal Bitcoin mining in El Salvador could set a precedent for other countries to follow similar strategies. This fusion of environmental sustainability and digital innovation not only presents new opportunities for the global economy, but also opens a debate about the role of natural resources in the technological age.
BTC Rally Boosts El Salvador Finances
Nayib Bukele’s proposal comes amid a significant bullish rally experienced by the leading cryptocurrency. On November 22, Bitcoin hit a record high of $99,645, inching closer to the six-figure milestone.
Despite having dropped slightly to US$98,302, according to data from BeInCrypto, El Salvador's investment in Bitcoin is having a positive impact on the Central American country's finances.
Currently, El Salvador has accumulated a total of 6,167 BTC with unrealized gains of US$167.9 million, representing a profitability of 120%.
Bitcoin Posse from El Salvador. Source: Nayib Tracker
The article Nayib Bukele suggests “renting El Salvador’s volcanoes” to mine Bitcoin appeared first on BeInCrypto Brazil.
