El Salvador is exploring innovative ways to enhance its Bitcoin mining operations, with President Nayib Bukele proposing a unique approach—renting out the country’s volcanoes to miners.
In a social media post published on X (formerly Twitter) on Nov. 25, the idea was shared that miners can tap into geothermal energy generated by these natural wonders to sustainably mine Bitcoin.
The inspiration came from a social media post highlighting El Salvador’s successful use of geothermal energy, which has already powered the mining of 474 BTC, valued at $46 million.
Bukele responded to the post by pointing out that the country has 170 volcanic cones. This vast energy resource could attract miners from around the world looking to reduce costs. He said:
“With 170 volcanoes…a ‘rent your volcano to mine Bitcoin’ program might actually make sense.”
Daniel Alvarez, Director General of Energy, Hydrocarbons, and Mines, responded promptly to the President’s suggestion. He confirmed his team’s intention to begin the preparation of a new law on geothermal energy in order for this initiative.
Max Keiser praised the idea. He stressed that the initiative positions El Salvador as the leader in Bitcoin adoption. He said:
“El Salvador’s rent-a-volcano to mine Bitcoin will put it in the lead in the global Bitcoin per capita (BPC) race.”
Bitcoin Profit
The proposed initiative coincides with El Salvador’s Bitcoin stash, achieving significant unrealized gains amid the broader crypto market rally.
NayibTracker reports that the country has over 6,000 BTC with an unrealized gain of $168 million. However, the Central American country’s official Bitcoin Office data reflects a slightly lower total of 5,932 tokens, valued at approximately $585.2 million at current prices.
El Salvador began to accumulate Bitcoin in 2021. This was the same year that the leading crypto became legal tender. El Salvador has continued to adopt Bitcoin despite constant criticism from financial institutions like the International Monetary Fund.
It was not surprising that in a recent X-post, President Bukele boasted of the success the Bitcoin plan. “I told you so.”
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