TL;DR
- El Salvador has mined 474 Bitcoin since 2021 using geothermal energy from the Tecapa volcano, valued at $29 million.
- The initiative led by President Nayib Bukele allocated 1.5 MW of renewable energy for BTC mining, pioneering this approach.
- The country has solidified its position in the crypto world with the acquisition of 5,750 Bitcoin, valued at $354 million, as part of its long-term economic strategy.
The Central American country of El Salvador continues to make strides in the crypto industry. Recently, it was revealed that since 2021, the country has mined a total of 474 Bitcoin, with an estimated value of $29 million, using geothermal energy generated by the Tecapa volcano.
This initiative was led by El Salvador’s president, Nayib Bukele, who has steered the country towards the adoption and use of cryptocurrencies at a national level. The geothermal energy provided by the Tecapa volcano has enabled the small nation to allocate 1.5 megawatts (MW) out of the 102 MW produced by the state-owned power plant specifically for BTC mining. Pioneering the use of renewable energy sources for Bitcoin mining amidst growing concerns about energy consumption and environmental impact.
El Salvador’s accumulation of BTC is a financial achievement and also a strategic move on the global economic stage. Since becoming the first country to adopt Bitcoin as legal tender in 2021, under Bukele’s administration, it has received both praise and criticism. However, its support for BTC has remained steadfast, despite volatility.
Bitcoin is Legal Tender in El Salvador
In addition to mining, Salvadorans have sought to strengthen their position in the crypto world in other ways. It was recently announced that the country had acquired a total of 5,750 Bitcoin, valued at approximately $354 million, further solidifying its position as part of its long-term economic strategy.
Meanwhile, on the international stage, crypto mining is facing increasingly intense criticism due to its energy consumption and environmental impact. However, El Salvador has demonstrated that it is possible to address these challenges by using renewable energy sources, such as geothermal energy, to power its Bitcoin mining operations.
The small Central American nation continues to move towards an economy based on blockchain technology and cryptocurrencies, with the world watching with interest to see how this initiative will impact its economic and technological future. It will surely serve as an example for other countries considering adoption at the same level.
