El Salvador Rents out Volcanoes for Cryptocurrency mining
The President of El Salvador has offered to lease volcanoes for bitcoin mining.
The President of El Salvador, Naib Bukele, offered to lease the country's volcanoes for bitcoin mining. El Salvador has already mined 474 bitcoins worth about $46 million using the geothermal energy of one of its volcanoes.
Now the authorities plan to scale the project, given that there are 170 volcanoes in the country. The use of geothermal energy makes cryptocurrency mining environmentally friendly and sustainable. This can attract large foreign investors, and renting volcanoes can become an additional source of income for the state.
Experts note that the president's initiative can help El Salvador strengthen its position as a pioneer in the field of cryptocurrencies. However, there are risks associated with the volatility of the bitcoin market and the need for significant investments in infrastructure. El Salvador continues to develop projects related to cryptocurrencies, striving to become a global leader in this field.
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