Bitcoin mining in El Salvador with geothermal energy
El Salvador has successfully mined about 474 bitcoins worth approximately $29 million since September 2021 using geothermal energy from the Tecapa volcano. These efforts increased the country's total bitcoin holdings to 5,750 BTC, representing a total valuation of over $360 million. This mining initiative is part of a collaboration with major bitcoin mining firms such as Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool.
Energy from the Tecapa volcano
The country is using 1.5 megawatts of its 102 megawatt state-owned geothermal power plant near the Tecapa volcano specifically for bitcoin mining. This initiative is being led by President Nayib Bukele, who has equipped the operation with 300 specialized mining processors.
El Salvador’s foray into Bitcoin pioneering nation
El Salvador's move to adopt Bitcoin as legal tender in 2021 has positioned the country as a pioneer nation in Bitcoin, despite international criticism, including from the International Monetary Fund (IMF). The innovative use of geothermal energy powered by volcanoes for Bitcoin mining underscores El Salvador's commitment to renewable energy solutions in the cryptocurrency space.
Positive impact on other countries
The success of El Salvador's venture not only highlights the economic potential of renewable energy-powered Bitcoin mining, but also sets a precedent for other countries and entities seeking environmentally friendly mining solutions. The accumulation of significant value through this method demonstrates a positive example of using natural resources for technological and economic advancement.
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