Official data shows that since September 2021, El Salvador has used the geothermal energy of the Tekapa volcano to mine nearly 474 Bitcoins, worth approximately $29 million. This brings the country’s total Bitcoin holdings to 5,750 coins, worth over $360 million.
Just posted: 🇸🇻El Salvador mined nearly 474 #bitcoin Reuters reports that the use of volcanic geothermal power has generated $29 million worth of electricity in the past three years. pic.twitter.com/bBACoe9GzM
— Bitcoin Magazine (@BitcoinMagazine) May 15, 2024
The renewable energy mining business is a cooperative project between El Salvador and Bitcoin mining companies such as Foundry USA, Antpool, ViaBTC, F2Pool and Binance Pool. It harnesses geothermal energy from Tekapa, one of El Salvador’s many active volcanoes.
The state-owned geothermal power plant next to the volcano generates 102 MW of electricity, 1.5 MW of which is used for Bitcoin mining. President Nayib Bukele installed 300 specialized mining processors to facilitate the process.
El Salvador made headlines in 2021 when it became the first country to adopt Bitcoin as legal tender. Despite criticism from the International Monetary Fund and others, Bukele remains committed to Bitcoin, and its Bitcoin mining operation powered by the geothermal energy of volcanoes exemplifies this forward-looking approach.
The country’s mining achievements stand in stark contrast to the scrutiny over energy use faced by Bitcoin miners around the world. By harnessing Tekapa’s geothermal energy, El Salvador offers a renewable energy model that could be adopted elsewhere.
The $29 million mined demonstrates the tremendous real-world value unlocked by El Salvador’s status as the first Bitcoin nation. As more renewable energy mining comes online around the world, the country’s volcanic model provides an ambitious precedent.
