Blogs & Articles: El Salvador’s Volcano Bitcoin Mining Operation Generates $29 Million 🔗 16 weeks ago
- Category: Blogs & Articles | BTC Times
- Author(s): Deniz Saat
- Published: 15th May 2024 18:25
El Salvador has mined nearly 474 Bitcoin, valued at approximately $29 million, since September 2021 using geothermal energy from the Tecapa volcano, according to official data.
This brings the country's total Bitcoin holdings to 5,750 Bitcoin, worth over $360 million.
The geothermal energy mining operation is a joint effort between El Salvador and Bitcoin mining firms such as Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool. It leverages the geothermal power from Tecapa, one of El Salvador's active volcanoes.
Of the 102 megawatts produced by the state-owned geothermal power plant near the volcano, 1.5 megawatts are allocated for Bitcoin mining.
President Nayib Bukele has installed 300 specialized mining processors to support this initiative.
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender.
Despite facing criticism from the IMF and other entities, Bukele has maintained his commitment to Bitcoin, exemplified by the geothermal-powered mining operation.
The $29 million mined illustrates the tangible economic impact of El Salvador's Bitcoin mining activities.
