President Nayib Bukele is aiming to devise a way to monetize the volcano power of El Salvador including bitcoin in the mix. Bukele recently stated that he was considering establishing a “rent-a-volcano” program, allowing third parties to harness geothermal energy for bitcoin mining purposes.
Answering a post where the exploitation of El Salvador’s natural energy for producing green bitcoin was praised, Bukele stated:
A ‘rent your volcano to mine bitcoin’ program might actually make sense.
A development of this kind could make El Salvador a pioneer in selling geothermal energy to bitcoin mining third parties.
According to official data, shared by the National Bitcoin Office, the country had mined nearly 474 BTC using geothermal energy until May. The Salvadoran mining activities started in 2021 using 1.5 MW of power generated by the Tecapa volcanic complex.
Bukele’s love for geothermal-powered bitcoin mining is not new. Back in 2021, Bukele shared a video of the first steps in the construction of the Berlin plant, which also showed the connection of some bitcoin miners into service, At that time, only a minuscule percentage of the power generated was used for this purpose.
Read more: Salvadoran President Shares Video of Volcano-Powered Bitcoin Mining Facility
The president’s actions have been criticized by ecologists before, who argue that volcano-generated energy will not be able to sustain the demand from mining operations. “I am under the impression that Bukele doesn’t really understand what is going on with the energy situation. That is certainly going to complicate demand,” told El Salvador’s leading ecologist Ricardo Navarro in 2021.
Read more: Salvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will ‘End in Environmental Disaster’
Even with these warnings, some foreign companies have entered the country to take advantage of its more than 170 volcanoes. In June 2023 stablecoin behemoth Tether announced its participation in a $1 billion investment in “Volcano Energy,” a company building a 241 MW renewable energy generation park in Metapan.
Read more: Tether Expands Investments in Green Bitcoin Mining, Invests in El Salvador’s Volcano Energy
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