The Montenegrin government officials held discussions with JAN3, a consulting company specializing in Bitcoin mining, to explore the potential of using hydroelectric power plants for cryptocurrency extraction. Montenegro’s Prime Minister, Milojko Spajić, praised the country’s abundant natural resources, particularly its vast mountain rivers and lakes. With an estimated hydroelectric potential of 5.6-6.1 TWh per year, of which only 20% is currently utilized, the Prime Minister believes that the remaining 80% could be harnessed for Bitcoin mining. However, the high cost of equipment required for storing renewable energy and transferring it to miners poses a challenge to implementing this initiative.
The closed meeting between Prime Minister Milojko Spajić and JAN3 CEO Samson Mow discussed potential solutions to overcome this barrier. Mow proposed the issuance of “hydrobonds,” which would be repaid in bitcoins. The proceeds from the sale of these bonds could then fund the construction of a dedicated cryptocurrency mining facility. Such a move by Montenegro could potentially inspire neighboring country Serbia to follow suit. Serbia’s Crown Prince Filip Karađorđević has shown support for Bitcoin, describing it as “hard money” immune to inflation and even suggesting blockchain education for local children.
This strategy mirrors that of El Salvador, which is set to launch Volcano Bonds backed by Bitcoin in early 2024. These bonds will be utilized to pay off sovereign debt and finance the Bitcoin City center, powered by geothermal energy sourced from a volcano.
Eleanor Ashworth is editor-in-chief at BTCNews. A Cambridge-trained journalist with 18 years across the Financial Times, Reuters and the Telegraph, she joined the crypto beat in 2017 after covering the Bank of England and HM Treasury. She holds the SABEW Best in Business award (2022) and was shortlisted for the British Journalism Awards (2023). At BTCNews she sets the editorial line for Bitcoin and macro markets coverage, with a focus on institutional adoption, regulation and central-bank policy. Based in London.
