El Salvador has successfully mined nearly 474 bitcoins worth approximately $29 million since 2021, utilizing geothermal energy generated by the country’s Tecapa volcano. This achievement, revealed by official data on Tuesday, boosts the government’s total bitcoin holdings to nearly $354 million at current prices.
This was announced by The Bitcoin Office, El Salvador’s Bitcoin office.
The government’s official “Bitcoin Office” reported that state coffers now contain a total of 5,750 bitcoins. The newly mined 473.5 bitcoins, worth roughly $29 million since September 2021, were produced using a portion of geothermal energy harnessed from the Tecapa volcano. This approach is touted as an environmentally friendly way to accumulate the cryptocurrency, which operates independently of any central bank.
The administration of President Nayib Bukele, a vocal Bitcoin advocate recently reelected for a second term, has installed 300 processors at the volcano to facilitate bitcoin mining. Out of the 102 megawatts (MW) generated by the state-owned power plant, 1.5 MW is dedicated to this process.
