El Salvador’s toy aims to destroy industry by leasing 170 volcanoes to Bitcoin miners
El Salvador is exploring innovative ways to boost its Bitcoin mining operations, with President Nayib Bukele proposing a unique approach: leasing the country’s volcanoes to miners.
The idea, shared in a social media post by
The inspiration came from a social media post highlighting the successful use of geothermal energy in El Salvador. This has already enabled mining of 474 BTC worth $46 million.
In response to the post, Bukele pointed out that the country has 170 volcanoes, providing a huge source of energy that could attract miners from around the world looking to cut costs. He said:
“There are 170 volcanoes… a ‘rent a volcano to mine Bitcoin’ program could actually make sense.”
Daniel Alvarez, Director of Energy, Hydrocarbons and Mines, immediately responded to the President’s proposal. He confirmed that his team will begin preparing a new geothermal energy law to facilitate this plan.
Max Keiser, the president’s senior Bitcoin advisor, praised the idea, emphasizing that it positions El Salvador as a leader in Bitcoin adoption. He said:
“Renting a Volcano in El Salvador for Bitcoin Mining We are leading the global Bitcoin per capita (BPC) race.”
Bitcoin Profit
The proposed plan coincides with El Salvador’s Bitcoin stash, achieving significant unrealized profits amid a broader cryptocurrency market rally.
According to NayibTracker, the country holds more than 6,000 BTC, with unrealized profits exceeding $168 million. However, the Central American country’s official Bitcoin Office data reflects a slightly lower total of 5,932 tokens, worth about $585.2 million at current prices.
El Salvador began accumulating Bitcoin in 2021, the same year the leading cryptocurrency was declared fiat. Since then, the country has remained resolute despite continued criticism and warnings from financial institutions such as the International Monetary Fund (IMF) against Bitcoin adoption.
So it’s no surprise that President Bukele boasted about the success of his Bitcoin plan in a recent X-Post, saying “I told you so.”
