El Salvador’s President Nayib Bukele proposed an innovative idea to enhance the country’s Bitcoin mining operations by renting out the country’s volcanoes to miners. The geothermal energy from these natural wonders could be used for sustainable Bitcoin mining, which has already powered the mining of 474 BTC valued at $46 million, thanks to El Salvador’s use of geothermal energy.
With 170 volcanoes, Bukele suggested a “rent your volcano to mine Bitcoin” program could attract global miners looking to cut costs. Daniel Alvarez, Director General of Energy, Hydrocarbons, and Mines, confirmed that his team would prepare a new geothermal energy law to facilitate the initiative. El Salvador’s Bitcoin stash, which consists of over 6,000 BTC with an unrealized profit exceeding $168 million, has made the idea more appealing.
The country began accumulating Bitcoin in 2021, and despite criticism from financial organizations like the International Monetary Fund (IMF) over its Bitcoin adoption, it remains committed to its path.
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<p>The post El Salvador’s Volcanoes: The Future of Bitcoin Mining first appeared on CoinBuzzFeed.</p>
