El Salvador has mined nearly 474 bitcoins worth around $29 million since September 2021 using geothermal energy from the Tecapa volcano, official data revealed. This brings the country's total bitcoin holdings to 5,750 BTC, valued at over $360 million.
JUST IN: 🇸🇻 El Salvador has extracted nearly 474 #bitcoin worth $29 million from geothermal energy powered by volcanoes over the past three years, Reuters reports. pic.twitter.com/bBACoe9GzM
– Bitcoin Magazine (@BitcoinMagazine) May 15, 2024
THE renewable energy mining The operation is a collaborative effort between El Salvador and Bitcoin mining companies like Foundry USA, Antpool, ViaBTC, F2Pool and Binance Pool. It uses geothermal energy from Tecapa, one of El Salvador's many active volcanoes.
Of the 102 megawatts generated by the public geothermal plant next to the volcano, 1.5 megawatts are for Bitcoin mining. President Nayib Bukele has installed 300 specialized mining processors to facilitate the process.
El Salvador made headlines in 2021 by becoming the first country to adopt bitcoin as legal tender. Despite criticism from the IMF and others, Bukele remained committed to Bitcoin, with a Bitcoin mining operation powered by geothermal energy fueled by a volcano embodying this forward-thinking approach.
The country's mining achievements stand in stark contrast to the scrutiny Bitcoin miners face around the world when it comes to their energy consumption. By harnessing Tecapa’s geothermal energy, El Salvador offers a renewable model that could be adopted elsewhere.
The $29 million mined demonstrates the substantial and real value unlocked by El Salvador's status as a premier Bitcoin nation. As more renewable mining expands globally, the country's volcanic model sets an ambitious precedent.