• El Salvador's President Nayib Bukele Says Renting Out Volcanoes To Mine Bitcoin May 'Actually Make Sense'

    Source: Buzz FX / 25 Nov 2024 02:50:14   America/New_York


    El Salvador president Nayib Bukele floated the idea of a “rent your volcano to mine Bitcoin (CRYPTO: BTC)” policy in the wake of the country’s successful geothermal-powered mining venture.





    What Happened: On Sunday, Bukele took to X to share the success of El Salvador’s Bitcoin mining venture. He suggested that, given the nation’s abundant geothermal power potential, a business policy of renting volcanoes to mine Bitcoin might “make sense.”





    Bukele was reacting to another X user’s post on the country’s stockpile of 474 Bitcoins mined with geothermal power, which swelled to $46 million due to the leading cryptocurrency’s ongoing bull run.











    See Also: Are MicroStrategy’s Shares Worth Only $105? Investment Adviser Gary Black Weighs In





    Why It Matters: El Salvador’s plan to tap its geothermal power led to the idea of the ambitious Bitcoin City project.





    The city, located near a volcano, is expected to be powered by geothermal energy, exempting all of its activities, including Bitcoin mining, from all taxes except for the value-added tax. It is planned to be a full-fledged metropolis, complete with residential and commercial areas, restaurants, an airport, and a port and rail service. 





    To finance the development of the city, El Salvador even introduced a “Volcano Bond,” also called a Bitcoin-backed bond.





    El Salvador, the first nation to adopt Bitcoin as a legal tender, has been strategically investing in the cryptocurrency under Bukele’s leadership.





    As of this writing, El Salvador holds 5,944.77 Bitcoins in its treasury, worth more than $583 million at current market prices.





    Price Action: At the time of writing, Bitcoin was exchanging hands at $98,122.26, down 0.20% in the last 24 hours, according to data from Benzinga Pro. 

    Photo by Gobierno Danilo Medina on Flickr





    Read Next: 






    Read more...
Share on,