The President of El Salvador proposes "renting 170 volcanoes to Bitcoin miners", intending to promote the introduction of geothermal energy legislation

The President of El Salvador, Nayib Bukele, has proposed an innovative plan to lease the country's volcanoes to miners for sustainable Bitcoin mining. On November 25th, Bukele posted on social media that miners could use the geothermal energy produced by volcanoes to reduce mining costs. This inspiration came from a previous post showing that El Salvador successfully mined 474 Bitcoins using geothermal energy, worth about $46 million.

Bukele pointed out that El Salvador has 170 volcanoes and is a rich energy treasure trove attracting global miners. He wrote: "With 170 volcanoes, launching a 'rent-a-volcano for Bitcoin mining' plan makes sense."

In response to this, Daniel Alvarez, Director General of Energy, Hydrocarbons and Mining in El Salvador said his team will start drafting new geothermal energy legislation to support the implementation of this plan.