Official information reveals that since September 2021, El Salvador has used the geothermal vitality of the Tekapa volcano to mine practically 474 Bitcoins, price roughly $29 million. This brings the nation’s complete Bitcoin holdings to five,750 cash, price over $360 million.
Simply posted: 🇸🇻El Salvador mined practically 474 #bitcoin Reuters studies that using volcanic geothermal energy has generated $29 million price of electrical energy previously three years. pic.twitter.com/bBACoe9GzM
— Bitcoin Journal (@BitcoinMagazine) May 15, 2024
The renewable vitality mining enterprise is a cooperative undertaking between El Salvador and Bitcoin mining firms comparable to Foundry USA, Antpool, ViaBTC, F2Pool and Binance Pool. It harnesses geothermal vitality from Tekapa, one among El Salvador’s many energetic volcanoes.
The state-owned geothermal energy plant subsequent to the volcano generates 102 MW of electrical energy, 1.5 MW of which is used for Bitcoin mining. President Nayib Bukele put in 300 specialised mining processors to facilitate the method.
El Salvador made headlines in 2021 when it grew to become the primary nation to undertake Bitcoin as authorized tender. Regardless of criticism from the Worldwide Financial Fund and others, Bukele stays dedicated to Bitcoin, and its Bitcoin mining operation powered by the geothermal vitality of volcanoes exemplifies this forward-looking method.
The nation’s mining achievements stand in stark distinction to the scrutiny over vitality use confronted by Bitcoin miners around the globe. By harnessing Tekapa’s geothermal vitality, El Salvador provides a renewable vitality mannequin that may very well be adopted elsewhere.
The $29 million mined demonstrates the large real-world worth unlocked by El Salvador’s standing as the primary Bitcoin nation. As extra renewable vitality mining comes on-line around the globe, the nation’s volcanic mannequin gives an formidable precedent.
