Montenegro explores Bitcoin mining potential with renewable energy bonds

Montenegro’s Prime Minister Milojko Spajić begins consultations for a Bitcoin (BTC) hydro bond utilizing the country’s abundant river resources.

In a meeting on Dec. 14, officials in Montenegro discussed the possibilities of utilizing the nation’s abundant hydro resources for mining Bitcoin. The meeting was attended by the country’s Prime Minister, Milojko Spajić, Samson Mow of Bitcoin technology firm JAN3, Serbia’s Prince Filip Karađorđević and Ben Van Hool.

JAN3 is known for its efforts to expand Bitcoin access. Among other tools, the company proposes using Bitcoin hydro bonds to enhance the country’s coffers. These bonds, fueled by Montenegro’s hydroelectric power, are aimed at funding Bitcoin mining operations.

The country boasts a significant hydroelectric capacity estimated between 5.6 to 6.1 TWh annually, yet currently taps less than 20% of this resource, with Prime Minister Spajić seen as a key ally in unlocking the country’s natural resources to mine Bitcoin.

The concept of Bitcoin hydro bonds mirrors El Salvador’s initiative with volcano bonds. El Salvador’s venture, which Samson Mow also played a role in establishing, is expected to launch its Bitcoin volcano bonds in early 2024 following recent regulatory approvals.

In addition to Bitcoin mining, the meeting also covered topics such as crypto regulation frameworks and the potential for the central bank to hold Bitcoin.

JAN3 emphasized Montenegro’s position as a forward-thinking nation, pointing out its young leadership and openness to new economic avenues:

“The nation sends a clear message – it is open for business, and it is open to embracing the transformative possibilities that Bitcoin presents.”

The meeting comes at a pivotal time for Bitcoin investments, as renewable energy-based Bitcoin bonds are gaining traction as sustainable investment options.

Montenegro’s exploration of this avenue could place it at the forefront of sustainable Bitcoin mining, potentially making it a key player in the industry.