Official data revealed that El Salvador has mined approximately 474 bitcoins worth about $29 million since September 2021 using geothermal energy from Tecapa volcano. This boosts the country's total Bitcoin holdings to 5,750 BTC worth more than that $360 million.
Just in: 🇸🇻 El Salvador has mined approximately 474 #Bitcoin $29 million worth of geothermal energy fueled by volcanoes in the past three years, Reuters reported. pic.twitter.com/bBACoe9GzM
— Bitcoin Magazine (@BitcoinMagazine) May 15, 2024
Renewable energy mining is a collaborative effort between El Salvador and Bitcoin mining companies such as 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 state-owned geothermal power plant next to the volcano, 1.5 megawatts goes toward Bitcoin mining. President Nayib Bukele installed 300 specialized mining processors to facilitate the process.
El Salvador made headlines in 2021 when it became the first country to adopt Bitcoin as legal tender. Despite criticism from the International Monetary Fund and others, Bukele has remained committed to Bitcoin, with a Bitcoin mining operation powered by volcanic-fueled geothermal energy exemplifying this progressive approach.
The country's mining achievements stand in stark contrast to the scrutiny that bitcoin miners around the world face over energy use. By harnessing Tecapa's geothermal energy, El Salvador provides a renewable model that can be adopted elsewhere.
The $29 million mined demonstrates the significant real value revealed by El Salvador's status as the first Bitcoin country. As more renewable mining emerges globally, the country's volcanic model provides an ambitious precedent.