El Salvador Explores Geothermal Energy for Bitcoin Mining

According to Foresight News, El Salvador's President Nayib Bukele has announced that miners can reduce their mining costs by utilizing geothermal energy generated by volcanoes. The country has successfully mined 474 bitcoins using this energy source, valued at approximately $46 million. Bukele highlighted that El Salvador's 170 volcanoes present a rich energy resource that could attract miners worldwide. He suggested that launching a 'rent a volcano to mine Bitcoin' initiative would be a logical step. In response to this proposal, Daniel Alvarez, the Director of the General Directorate of Energy, Hydrocarbons, and Mines in El Salvador, stated that the team would begin drafting new geothermal energy legislation to support the implementation of this plan. This move aligns with El Salvador's ongoing efforts to leverage its natural resources for economic development and innovation in the cryptocurrency sector. The initiative aims to position the country as a leader in sustainable and cost-effective Bitcoin mining, potentially drawing significant interest from the global mining community.