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El Salvador, recognized as the inaugural country to adopt Bitcoin (BTC) as legal tender, may possess 5,750 Bitcoins, according to a report from the “Bitcoin Office.” This national Bitcoin Office is a governmental body tasked with overseeing all initiatives related to the cryptocurrency.
As reported by Reuters, the country has mined nearly 474 Bitcoins since 2021 utilizing geothermal energy sourced from the Tecapa volcano.
JUST IN:
El Salvador mines 474 #Bitcoin valued at $29 million using its volcano-powered geothermal facility.
— Watcher.Guru (@WatcherGuru) May 15, 2024
The official data from the power plant released on Tuesday indicated that the government’s Bitcoin assets exceed $354 million at current market values. With this Bitcoin reserve, the country launched a website on Tuesday to monitor its Bitcoin Treasury.
The nation’s existing Bitcoin assets and the introduction of a memepool website suggest that El Salvador could potentially emerge as one of the wealthiest nations globally.
Notably, President Bukele has expressed that he has no intention of liquidating the country’s substantial Bitcoin reserves. The report also mentioned that Bukele’s administration has installed 300 processors to mine Bitcoins from the volcano.
El Salvador’s Bitcoin Mining Utilizing Geothermal Energy
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The state-owned geothermal power facility allocates 1.5 megawatts (MW) for cryptocurrency mining, out of a total production of 102 MW.
“We do not utilize resources that harm the environment, we are not reliant on oil, we do not depend on natural gas, or any non-renewable resources,” stated Daniel Álvarez, president of the Rio Lempa Hydroelectric Executive Commission, which manages the plant, in an AP News interview in 2021.
Bitcoin mining in El Salvador appears to have the backing of President Bukele. However, regarding affordable electricity, the country imports approximately one-fifth to one-quarter of its energy. The remainder of electricity generation is sourced from hydroelectric, geothermal, and fossil fuel-fired plants.
Among these sources, geothermal energy constitutes about a quarter of the nation’s total energy supply, given that El Salvador is home to 20 active volcanoes.
A report from 2021 indicated that the energy generated from the geothermal turbines supports around 300 computers. Bitcoins are “mined” through computers that solve intricate mathematical equations and necessitate significant electricity to function.
First steps…
#Bitcoin
pic.twitter.com/duhHvmEnym
— Nayib Bukele (@nayibbukele) September 28, 2021
#BitcoinIn an industry that continues to depend significantly on polluting coal-fired power plants, the Salvadoran government is promoting the use of clean energy for local mining operations.
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