El Salvador's president has not ruled out leasing volcanoes for bitcoin mining
El Salvador has 170 volcanoes, and the idea of renting them out for bitcoin mining makes sense. This was stated by the President of the Republic Nayib Bukele on his page in the social network X (former Twitter) on November 25.
The head of state was responding to the publication of one of the observers of the crypto exchange Binance that El Salvador uses its volcanoes as a source of geothermal energy for mining, and in this way the state was able to mine already 474 bitcoins (about $46 million).
"And with 170 volcanoes, the 'rent your volcano for bitcoin mining' program makes sense," Bukele wrote.
On the same day, Bukele's senior bitcoin advisor Max Kaiser wrote in X that renting out volcanoes would make El Salvador the leading country in terms of government assets in bitcoins per capita, where the republic is currently in second place with 0.00093 bitcoins, overtaken by Bhutan, which has 0.01546 bitcoins per inhabitant. Kaiser believes that this indicator is the most important for every country after national security issues.
Earlier, on November 21, the value of bitcoin again broke the record, reaching the mark of $ 99 thousand. The growth of the value was 4.55%.
In September 2021, El Salvador became the first country in the world to legally make bitcoin an official means of payment alongside the US dollar. Bukele has since changed his status in X and instead of "dictator of El Salvador", he called himself "the coolest dictator in the global world".
On January 25, 2022, the Executive Board of the International Monetary Fund (IMF) called on El Salvador to withdraw bitcoin's official payment status. This recommendation was prompted by the fact that cryptocurrency as legal tender poses great risks to financial and market integrity, stability and consumer protection.
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