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EL SALVADOR PRESIDENT’S ‘RENT-A-VOLCANO’ BITCOIN MINING IDEA IGNITES CRYPTO
WORLD

by Christian Encila
5 hours ago
in Crypto News
0


For years, Bitcoin has been receiving complaints about its intensive energy
requirements and use of complex computer equipment. As such, the BTC mining
industry is continuously looking for ways to address the cryptocurrency’s high
energy use without sacrificing its generation.

Related Reading: Crypto Tax Puzzle: Australia Looks To International Group For
Answers

President Nayib Bukele of El Salvador may have one practical consideration for
this growing concern: introduce a “rent-a-volcano” program to harness geothermal
energy to power Bitcoin mining.



Under the proposal, the government will allow third parties to harness the
country’s geothermal resources. If Bukele’s suggestion is approved, El Salvador
will become a pioneer in using natural energy to mine the digital asset.






‘RENT A VOLCANO’ FOR BITCOIN MINING MAKES SENSE, SAYS BUKELE

Bitcoin mining is a popular topic in El Salvador, one of the first countries to
legitimize Bitcoin as a financial asset. As a pro-crypto leader, President
Bukele has always been on the lookout for initiatives and programs that can
increase adoption. And for Bukele, harnessing the country’s natural energy
resources is a great way to boost crypto mining.

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In reply to a post about El Salvador’s natural energy, Bukele stated that
renting a volcano to mine Bitcoin makes sense. He added that this kind of
approach may push the country to become the first to tap geothermal energy for
Bitcoin production.





BTC market cap currently at $1.83 trillion. Chart: TradingView.com


MINING RIGS POWERED BY GEOTHERMAL ENERGY

El Salvador is one of the leaders in BTC mining, and it has already mined 474
Bitcoins valued at $46 million since 2021. In a post on November 25th, Bukele
introduced the concept of a “rent a volcano” BTC mining program inspired by the
success of its geothermal mining facilities.





Bukele’s post responded to another Twitter/X user’s post on BTC mining using
geothermal energy. The president reacted by saying that with 170 volcanoes, the
program to rent out volcanoes is plausible.

Related Reading: FIFA And Mythical Games Deal Highlights Role Of Blockchain In
Sports Gaming


ECOLOGISTS HIT PLAN TO SET UP CRYPTO CITIES NEAR VOLCANOES

However, not everyone agrees with Bukele’s plan to power its mining activities
with geothermal energy. For some ecologists, the energy generated from
geothermal plants may not be enough to power these BTC mining operations.

Ricardo Navarro, a leading ecologist, argued against Bukele’s plan in 2021. He
said that the president doesn’t understand the country’s energy situation, and
throwing mining into the mix will complicate the country’s energy problems.

In September 2021, Bukele introduced a plan for a volcano-powered mining
facility. However, ecologies like Navarro criticized the establishment of a
“Bitcoin City” near a volcano, saying that these are impractical. In addition,
some critics say that using geothermal is still expensive and not sustainable.

Featured image from Washington Post, chart from TradingView


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CHRISTIAN ENCILA

Christian, a journalist and editor with leadership roles in Philippine and
Canadian media, is fueled by his love for writing and cryptocurrency.
Off-screen, he's a cook and cinephile who's constantly intrigued by the size of
the universe.




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