El Salvador has mined almost 474 bitcoins worth around $29 million since September 2021 using geothermal energy from the Tecapa volcano, official data revealed. This increases the country's total bitcoin holdings to 5,750 btc valued at more 360 million dollars.
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ONLY IN: El Salvador mined almost 474 twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin valued at $29 million using volcano-powered geothermal energy over the past three years, Reuters reports. pic.twitter.com/bBACoe9GzM
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1790568657715605534?ref_src=twsrc%5Etfw”>May 15, 2024
The renewable energy mining operation is a collaborative effort between El Salvador and bitcoin mining companies such as Foundry USA, Antpool, ViaBTC, F2Pool and Binance Pool. It uses geothermal energy from Tecapa, one of the many active volcanoes in El Salvador.
Of the 102 megawatts generated by the state geothermal power plant next to the volcano, 1.5 megawatts go to bitcoin mining. President Nayib Bukele has installed 300 specialized mining processing plants to facilitate the process.
El Salvador made headlines in 2021 by becoming the first country to adopt bitcoin as legal tender. Despite criticism from the IMF and others, Bukele has remained committed to bitcoin, with a volcano-fed geothermal energy-powered bitcoin mining operation embodying this forward-thinking approach.
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The country's mining achievements stand in stark contrast to the scrutiny bitcoin miners around the world face over energy use. By harnessing geothermal energy from Tecapa, El Salvador provides a renewable model for possible adoption elsewhere.
The $29 million mined demonstrates the substantial and real value generated by El Salvador's status as the first bitcoin nation. As more renewable mining comes online globally, the country's volcanic model provides an ambitious precedent.
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