El Salvador is considering a unique method to boost its Bitcoin mining operations by potentially renting out its 170 volcanoes to miners. President Nayib Bukele suggested this idea in a social media post, proposing that miners could utilize the geothermal energy from the volcanoes for sustainable mining. The country has already harnessed geothermal energy to mine 474 BTC worth $46 million. The Director General of Energy, Hydrocarbons, and Mines is working on a geothermal energy law to support this initiative. This move aligns with El Salvador's Bitcoin adoption journey, despite criticisms from financial organizations like the IMF. The country's Bitcoin holdings have seen significant gains, with over 6,000 BTC valued at $585.2 million. President Bukele remains optimistic about the success of the Bitcoin plan, emphasizing the positive impact on the nation. Additionally, the crypto community advises El Salvador to resist IMF recommendations and highlights the importance of stablecoins in regions with unstable currencies. Read more AI-generated news on: https://app.chaingpt.org/news
Innovative Approach to Bitcoin Mining in El Salvador
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