Quote from: Luzin on Today at 03:04:59 AM

Quote from: PremiumcryptoHub on November 25, 2024, 02:27:34 PM

El Salvador toys with renting 170 volcanoes to Bitcoin miners, aims to disrupt industry

El Salvador's President Nayib Bukele Plans pay rent Volcanoes for Bitcoin Mining. Nayib Bukele social media platform X mentions 170 volcanoes in his country. Since El Salvador adopted Bitcoin as legal tender in 2021, a total of 474 Bitcoins have been mined using volcanic power.

I also read it here https://bravenewcoin.com/insights/el-salvadors-bukele-floats-plan-to-rent-volcanoes-for-bitcoin-mining . It's a great move, bukele. With the current conditions, he has recorded profits from his policies. I don't understand how the economic problems are in detail, but I think he should start making concrete steps for the effects of his policies to be felt by the wider community. The reason is to attract people's interest to use crypto more. The reason is that currently I hear that people and even hotels and restaurants still rarely use Bitcoin as a transaction. I think if more users believe it, it will benefit El Salvador. This seems to be better than reissuing debt, the project has a greater impact than creating new debt.

Source:

1. https://bravenewcoin.com/insights/el-salvadors-bukele-floats-plan-to-rent-volcanoes-for-bitcoin-mining
2. https://news.bitcoin.com/latam-insights-el-salvadors-bitcoin-debt-idea-mileis-maga/

El Salvador's economic problems are complex. The country has the highest poverty rate in Latin America and there is an infrastructural deficit and there was high rate of insecurity caused by gang violence. The government have been taking some positive steps to ensure that they tackle these problems.

One notable move by the President is to cut down the debt of the country because debt servicing is taking a large chunk of the country's revenue. Next year's budget based on report will be financed by generated revenue and no fund will come from.borrowing. This move will help the government to develop other means of generating funds instead of depending on loans that have stringent conditions.

For now people prefer to use Bitcoin as an asset rather than a currency. There are other factors that are also limiting El Salvadorians from embracing the use of Bitcoin as a legal tender such as poverty and lack of basic infastructure. Maybe more people will consider using Bitcoin as a currency in the future when it has achieved stability and the economic conditions of the country have improved.