The Prime Minister of Montenegro, Milojko Spajić and other state officials have begun consultations for a Bitcoin (BTC) hydro bond given the country’s abundant water resources.
On December 13, state officials and investors met in Montenegro to discuss the possibilities of utilizing the nation’s abundant hydro resources for mining bitcoin. This positive development was revealed by JAN3, a bitcoin technology firm known for its role in advancing crypto access in the region.
Montenegro bitcoin hydro bonds
The Bitcoin hydro bonds aimed at funding BTC mining operations in Montenegro will be powered by nation’s abundant hydroelectric power.
Notably, Montenegro boasts a significant hydroelectric capacity estimated between 5.6 to 6.1 TWh annually. However, less than 20% of this resource is tapped. Hence, Prime Minister Spajić’s push to unlock the country’s natural resources for bitcoin mining purposes.
In light of this, JAN3 described Montenegro as “a forward-thinking nation”, stressing that its young leadership and openness to new avenues could help transform the country’s economic landscape.
It bears mentioning that Montenegro is a small nation of less than one million people located in the Balkans bordered by Bosnia Herzegovina, Albania, Serbia, Croatia, and Kosovo. Being small and operating an open economy, Montenegro depends heavily on capital inflows from the diaspora.
Therefore, venturing into bitcoin mining leveraging its hydroelectric power could massively boost Montenegro’s economy. For the uninitiated, bitcoin mining is an energy-intensive operation that often draws a significant amount of energy off the grid, leaving an undesirable carbon dent.
To this end, renewable energy-based Bitcoin bonds are currently being explored globally as a sustainable energy alternative for the activity. Among the countries also considering renewable energy sources for BTC mining is El Salvador, where its Bitcoin volcano bonds await launch in early 2024 upon gaining approval on December 11.
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