Volcano Bitcoin Mining Gives El Salvador $29 Million Boost
El Salvador has mined nearly 474 bitcoins worth around $29 million since September 2021 using geothermal energy from the Tecapa volcano, official data revealed. This boosts the country's total bitcoin holdings to 5,750 BTC valued at over $360 million.
JUST IN: El Salvador mined nearly 474 #bitcoin worth $29 million using volcano-fueled geothermal power in last three years, Reuters reports. pic.twitter.com/bBACoe9GzM
Bitcoin Magazine (@BitcoinMagazine) May 15, 2024
The renewable energy mining operation is a collaborative effort between El Salvador and bitcoin mining firms like Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool. It utilizes the geothermal power from Tecapa, one of El Salvador's many active volcanoes.
Of the 102 megawatts generated by the state-owned geothermal power plant beside the volcano, 1.5 megawatts go toward Bitcoin mining. President Nayib Bukele has installed 300 specialized mining processors 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 Bitcoin mining operation powered by volcano-fueled geothermal energy embodying this forward-thinking approach.
The country's mining accomplishments stand in stark contrast to the scrutiny bitcoin miners face worldwide over energy usage. By tapping geothermal energy from Tecapa, El Salvador provides a renewable model for potential adoption elsewhere.
The $29 million mined demonstrates the substantial, real-world value unlocked 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.
Read more: https://bitcoinmagazine.com/markets/volcano-bitcoin-mining-gives-el-salvador-29-million-boost
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