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El Salvador, the first nation to adopt Bitcoin (BTC) as legal tender, holds approximately 5,750 Bitcoins, according to a report by the Bitcoin Office.
The Bitcoin Office is a government entity responsible for managing all projects related to the cryptocurrency.
According to a Reuters report, the nation has mined nearly 474 Bitcoins since 2021 using geothermal power generated from the Tecapa volcano.
JUST IN:
El Salvador mines 474 #Bitcoin worth $29 million using its volcano-fueled geothermal power plant.
— Watcher.Guru (@WatcherGuru) May 15, 2024
El Salvador mines 474 #Bitcoin worth $29 million using its volcano-fueled geothermal power plant.Official data from the power plant, released on Tuesday, noted that the government’s holdings are worth over $354 million at current prices.
With this Bitcoin wealth pool, the nation launched a website on Tuesday to track its Bitcoin Treasury.
The nation’s current Bitcoin holdings and the launch of a memepool website signify that El Salvador could eventually become one of the wealthiest countries in the world.
First steps…
#Bitcoin
pic.twitter.com/duhHvmEnym
— Nayib Bukele (@nayibbukele) September 28, 2021
pic.twitter.com/duhHvmEnymInterestingly, President Bukele stated that he has no plans to sell the country’s vast Bitcoin holdings. The report added that Bukele’s administration has installed 300 processors to mine Bitcoins from the volcano.
See Also: Michael Novogratz Says Bitcoin (BTC) Will Consolidate Between $55,000 and $75,000
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El Salvador’s Bitcoin Mining From Geothermal Power
The state-owned geothermal power plant devotes 1.5 megawatts (MW) to cryptocurrency mining out of its 102 MW total production.
“We don’t spend resources that contaminate the environment, we don’t depend on oil, we don’t depend on natural gas, on any resource that isn’t renewable,” Daniel Álvarez, president of the Rio Lempa Hydroelectric Executive Commission, which oversees the plant, told AP News in 2021.
Bitcoin mining in El Salvador appears to have the support of the government under Bukele. However, regarding cheap electricity, the nation imports about one-fifth to one-quarter of its power.
The remainder of electricity production is divided among hydroelectric, geothermal, and fossil fuel-fired plants.
Among these sources, geothermal accounts for about a quarter of the country’s energy, given that El Salvador has 20 active volcanoes.
According to a 2021 report, energy produced from geothermal turbines powers about 300 computers. Bitcoins are “mined” using computers that solve complex mathematical problems and require a large amount of electricity to operate.
In an industry that still relies heavily on polluting coal-fired power plants, the Salvadoran government is highlighting the use of clean energy for local mining.
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