el salvador has mined approximately 474 Bitcoins (equivalent to approximately $29 million) since September 2021 using the geothermal energy of Tecapa Volcano, official data revealed. This will increase the country’s total Bitcoin holdings to over 5,750 BTC. 360 million dollars.
Just in: 🇸🇻El Salvador mined about 474 pieces #bitcoin In the past three years, volcanic-fueled geothermal power has generated the equivalent of $29 million, according to Reuters. pic.twitter.com/bBACoe9GzM
— Bitcoin Magazine (@BitcoinMagazine) May 15, 2024
of renewable energy mining The operation is a collaboration between El Salvador and Bitcoin mining companies such as Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool. It uses geothermal power from Tecapa, one of El Salvador’s many active volcanoes.
Of the 102 megawatts generated by the state-run geothermal power plant near the volcano, 1.5 megawatts are used for Bitcoin mining. President Nayib Bukele has installed 300 specialized mining processors to facilitate this process.
El Salvador made headlines in 2021 for becoming the first country to adopt Bitcoin as legal tender. Despite criticism from the IMF and others, Bukele remains committed to Bitcoin, and his mining operation, which uses geothermal energy from volcanic fuels, exemplifies this forward-thinking approach.
The country’s mining achievements stand in stark contrast to the intense scrutiny Bitcoin miners face around the world over their energy usage. By harnessing Tecapa’s geothermal energy, El Salvador offers a renewable model with potential for adoption in other regions.
The $29 million mined represents substantial real-world value unlocked by El Salvador’s status as the first Bitcoin nation. The country’s volcanic model sets an ambitious precedent as renewable energy mining increases globally.
