The post President Nayib Bukele teases ‘rent-a-volcano’ Bitcoin mining initiative appeared on BitcoinEthereumNews.com.

El Salvador President Nayib Bukele shared his considerations for a “rent your volcano” Bitcoin mining program following the country’s success in its geothermal mining venture. On November 25, President Bukele, on X, said the idea to monetize the country’s 170 volcanoes could “make sense,” reacting to another X user’s post on the 474 Bitcoins mined with geothermal power. Nayib Bukele hints at a new “rent a volcano” program On November 24, Vivek, an X user and a reporter at Bitcoin Magazine, commented on El Salvador’s successful mine of about 474 Bitcoins, now valued at over $46 million, using volcano-fueled geothermal power. President Nayib Bukele then later reacted to his post, saying: And with 170 volcanoes…A “rent your volcano to mine Bitcoin” program might make sense. ~ President Nayib Bukele El Salvador has been heavily invested in producing clean energy, and volcano-powered geothermal sources now provide a quarter of the nation’s electricity. The country only began using geothermal power for Bitcoin mining in 2021, using 1.5MW from the Tecapa Volcano. The same year, President Nayib Bukele shared the first steps in developing the Berlin plant, which had ties to several Bitcoin miners. Some of the country’s citizens were not too happy with the plans despite pro-Bitcoin analysts supporting them. Some complained that their electricity needs had been ignored for years, yet the country still prioritizes electricity generation for Bitcoin mining facilities. Ecologists criticize Bukele’s geothermal Bitcoin mining Some ecologists also criticized Nayib Bukele’s geothermal power initiative, claiming that volcano power may not meet the demand for Bitcoin mining operations. El Salvador’s leading ecologist, Ricardo Navarro, commented in 2021 when the country started using volcano geothermal power for Bitcoin use. He noted that it seems Bukele doesn’t really understand what is going on with the energy situation, and he added that it…

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Filed under: News - @ November 25, 2024 7:26 pm