For many years, Bitcoin has received complaints about its extensive power requirements and use of complex computer equipment. As such, the Bitcoin mining industry is constantly looking for ways to address the high power usage of cryptocurrencies without sacrificing their generation.
President Nayib Bukele of El Salvador may have one practical consideration for this growing interest: introducing a “Volcano Rental” 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 proposal After approval, El Salvador will become a leader in using natural energy to mine digital assets.
And 170 volcanoes…
⁰ “Rent your volcano to mine Bitcoin” might actually make sense 🤔 https://t.co/BENtEqher1– Nayib Bukele (@nayibbukele) November 24, 2024
“Renting a volcano to mine Bitcoin makes sense,” Bukele says.
Bitcoin mining is a popular topic in El SalvadorIt is one of the first countries to legalize 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 its adoption. For Bukele, harnessing the country’s natural energy resources is a great way to boost cryptocurrency mining.
In response to a post about natural energy in El Salvador, Bukele mentioned renting a volcano for mining Bitcoin logical. He added that this kind of approach could push the country to become the first to use geothermal energy to produce Bitcoin.
BTC market cap currently at $1.83 trillion. Chart: TradingView.com
Geothermal mining platforms
El Salvador is one of the leaders in BTC mining, and has already mined 474 bitcoins worth $46 million since 2021. In a post dated November 25, Bukele presented the concept of a “rent a volcano” BTC mining software inspired by the success. Of geothermal mining facilities.
🇸🇻 Nayib Bukele is considering a program to rent volcanoes for mining #Bitcoin:
“With 170 volcanoes… it might actually make sense” 🌋 pic.twitter.com/azSU3o9Dco
— Bitcoin Conference (@TheBitcoinConf) November 25, 2024
Bukele’s post responded to another Twitter user/X post about BTC mining using geothermal energy. The president responded by saying that with 170 volcanoes, a volcano leasing program makes sense.
Environmental scientists develop a plan to create crypto-cities near volcanoes
However, not everyone agrees with Bukele’s plan to power mining activities with geothermal energy. For some environmentalists, the energy generated by geothermal plants may not be enough to power BTC mining operations.
Ricardo Navarro, a prominent environmentalist, opposed Bukele’s plan in 2021. He said the president does not understand the country’s energy situation, and bringing mining into the mix will complicate the country’s energy problems.
In September 2021, Bukele presented a plan to establish a volcanic-powered mining facility. However, environmentalists like Navarro have criticized creating a “Bitcoin City” near the volcano, saying it is impractical. Additionally, some critics say that using geothermal energy is still expensive and unsustainable.
Featured image from The Washington Post, chart from TradingView