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El Salvador Harnesses Volcanic Force to Mine 474 Bitcoin

Fast Take
  • El Salvador mines 474 BTC with volcanic energy in 2024
  • Sustainable mining via geothermal power plant
  • El Salvador has 5.750 BTC in reserves
Westerners see El Salvador as a leader in the cryptocurrency revolution
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Since pioneering in 2021, El Salvador has stood out on the global cryptocurrency scene by adopting an innovative approach to Bitcoin (BTC) mining, utilizing geothermal energy sourced from the Tecapa volcano. To date, the country has managed to mine an impressive 474 BTC, which is equivalent to around US$29,6 million in current value.

The mining process in El Salvador is powered by a geothermal plant located in the central-eastern region of the country, which makes use of the Tecapa volcano. The energy capacity dedicated to cryptocurrency mining is 1,5 megawatts (MW), a fraction of the 102 MW produced by the plant. This project is an initiative of the president Nayib Bukele, known for his support of Bitcoin.

“The energy generated by the Tecapa volcano is relatively small, but it powers 300 mining processors installed by the Bitcoin-friendly president of El Salvador, Nayib Bukele. The nation dedicated 1,5 megawatts (MW) of the 102 MW produced by the plant to crypto mining,” the report details.

This approach not only offers a sustainable alternative to traditional mining methodologies, which are often criticized for their high electricity consumption and adverse environmental impacts, but also positions the country as a leader in innovation in the cryptoasset sector.

In addition to the 474 BTC mined since 2021, El Salvador has expanded its bitcoin reserve through direct purchases, reaching a total of 5.750 BTC, which is currently worth approximately US$354 million.

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In a recent revelation, El Salvador's Bitcoin Office reported that several cryptocurrency mining entities, including names such as Foundry USA, Antpool, ViaBTC, F2Pool and Binance Pool, collaborated together to obtain rewards for creating a blockchain that verifies Bitcoin transactions validated by the geothermal plant over the last three years.

This geothermal mining model represents not only a technological advancement, but also a commitment to cleaner and more sustainable mining practices, reinforcing El Salvador's position as an innovator in the field of cryptocurrencies.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.

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