El Salvador Mines Nearly 474 Bitcoins Worth $29 Million Using Volcano-Fueled Geothermal Energy
El Salvador has made significant strides in the world of Bitcoin mining, with official data revealing that the country has mined nearly 474 bitcoins worth around $29 million since September 2021. This impressive feat has been achieved through the use of geothermal energy from the Tecapa volcano, showcasing El Salvador’s commitment to renewable energy and innovative mining practices.
The mining operation is a collaborative effort between El Salvador and several prominent bitcoin mining firms, including Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool. By harnessing the geothermal power generated by the Tecapa volcano, the country has been able to boost its total bitcoin holdings to 5,750 BTC, valued at over $360 million.
President Nayib Bukele has spearheaded this initiative, installing 300 specialized mining processors to facilitate the mining process. The state-owned geothermal power plant located beside the volcano generates 102 megawatts of power, with 1.5 megawatts dedicated specifically to Bitcoin mining.
El Salvador made headlines in 2021 by becoming the first country to adopt bitcoin as legal tender, a move that has been met with both praise and criticism. Despite the challenges, Bukele has remained steadfast in his support of Bitcoin, with the volcano-fueled geothermal mining operation serving as a testament to the country’s forward-thinking approach.
The use of geothermal energy from the Tecapa volcano not only showcases El Salvador’s commitment to renewable energy but also provides a sustainable model for Bitcoin mining that could be adopted elsewhere. As the country continues to lead the way in the world of cryptocurrency, its mining accomplishments serve as a bold example for other nations to follow.
With $29 million worth of bitcoins mined and a total of 5,750 BTC in its possession, El Salvador’s volcanic mining model demonstrates the substantial value that can be unlocked through innovative and sustainable mining practices. As the global conversation around energy usage in Bitcoin mining continues, El Salvador’s success story offers a promising glimpse into the future of renewable mining practices.
