For years, Bitcoin has received complaints about its intensive energy requirements and use of complex computer equipment. As such, the BTC mining industry is looking for ways to address the cryptocurrency’s high energy usage without sacrificing its generation.
El Salvador’s President Nayeb Buquel may have a practical idea for this growing concern: introduce a “Rent-a-volcano” program To use geothermal energy to power Bitcoin mining.
Under the proposal, the government would allow third parties to exploit the country’s geothermal resources. J Buckel’s suggestion is approved, El Salvador will become a pioneer in using natural energy to mine digital assets.
And with 170 volcanoes…
⁰A “Rent Your Volcano to Mine Bitcoin” Program Could Actually Make Sense 🤔 https://t.co/BENTEqher1— Nayib Bukele (@nayibbukele) November 24, 2024
‘Rent a volcano’ makes sense for bitcoin mining, Buckele says
In Bitcoin mining is a popular topic El SalvadorOne of the first countries to legitimize Bitcoin as a financial asset. As a pro-crypto leader, President Buckel has always been on the lookout for initiatives and programs that can increase adoption. And for Buckel, using the country’s natural energy resources is a good way to boost crypto mining.
In response to a post about El Salvador’s natural energy, Buckele said that renting a mine to a volcano Bitcoin makes sense He added that this type of approach could 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 has mined 474 bitcoins worth $46 million since 2021. In a post on November 25, Buckel introduced the concept of a “rent a volcano” BTC mining program inspired by the success. of its geothermal mining facilities.
🇸🇻 Naib Bukele is considering a program to lease the volcano to me. #Bitcoin:
‘With 170 volcanoes… it might actually make sense’ 🌋 pic.twitter.com/azSU3o9Dco
— The Bitcoin Conference (@TheBitcoinConf) November 25, 2024
Buckel’s post responded to another Twitter/X user’s post on mining BTC using geothermal energy. The president responded by saying that with 170 volcanoes, the volcano rental program is commendable.
Environmental scientists plan to establish crypto cities near the volcano
However, not everyone agrees with Buckel’s plan to power his mining operations with geothermal energy. For some environmentalists, the energy generated from geothermal plants may not be enough to power these BTC mining operations.
Ricardo Navarro, a prominent environmentalist, argued against Buckele’s plan in 2021. He said the president does not understand the country’s energy situation, and throwing mining into the mix will complicate the country’s energy problems.
In September 2021, Buckel presented a plan for a mining facility powered by a volcano. However, environmentalists like Navarro criticized the establishment of a “bitcoin city” near the volcano, saying it was impractical. Additionally, some critics say that using geothermal is still expensive and unsustainable.
Featured image from The Washington Post, Chart from TradingView
