El Salvador offers volcano rentals for Bitcoin mining
El Salvador continues to surprise with innovative ideas showcasing its high level of cryptocurrency adoption.
The country is exploring new ways to enhance Bitcoin mining operations, and President Nayib Bukele has proposed renting volcanoes to miners.
Initially, the idea was to use geothermal energy generated by the volcanoes for cryptocurrency mining. However, it has now evolved into an opportunity to rent entire volcanoes.
In a social media post, President Bukele stated, “With 170 volcanoes located in El Salvador, the 'rent your volcano for Bitcoin mining' program could make sense.”
Turnkey volcanoes
In response to Bukele's statement, the CEO of Energy, Hydrocarbons, and Mining in El Salvador, Daniel Alvarez, confirmed that his team will begin working on a new geothermal energy law to support the initiative.
Max Keiser, the President’s Senior Bitcoin Advisor, also praised the idea, emphasizing that it positions El Salvador as a leader in Bitcoin adoption.
“Renting volcanoes for Bitcoin mining in El Salvador will propel the country to the top of the global Bitcoin race per capita,” said Keiser.
As is well known, El Salvador has earned a reputation as a global leader in Bitcoin adoption. In 2021, Bitcoin was declared legal tender in the country, and since then, El Salvador has begun accumulating Bitcoin.
According to NayibTracker, the country currently holds over 6,000 BTC, with an unrealized profit exceeding $168 million. However, official data from the Bitcoin Office reflects a slightly lower amount of 5,932 BTC, valued at approximately $585 million at current prices.
As we wrote, despite positioning itself as a crypto-friendly haven for Bitcoin investors, El Salvador’s “Adopting Bitcoin” program has yet to gain traction among its target audience.
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