El Salvador has successfully mined nearly 474 bitcoins, valued at approximately $29 million, since September 2021, using geothermal energy from the Tecapa volcano. This remarkable achievement has increased the country's total bitcoin holdings to 5,750 BTC, worth over $360 million, according to official data.
The renewable energy mining operation is a collaborative effort between El Salvador and prominent bitcoin mining firms such as Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool. The initiative utilizes geothermal power generated from Tecapa, one of El Salvador's active volcanoes, to mine the cryptocurrency.
Out of the 102 megawatts produced by the state-owned geothermal power plant located beside the volcano, 1.5 megawatts are dedicated to Bitcoin mining. President Nayib Bukele has overseen the installation of 300 specialized mining processors to facilitate this process.
El Salvador gained international attention in 2021 by becoming the first country to adopt Bitcoin as legal tender. Despite facing criticism from the International Monetary Fund (IMF) and other organizations, President Bukele has remained steadfast in his commitment to Bitcoin. The volcanic geothermal energy-powered Bitcoin mining operation exemplifies this innovative approach.
While Bitcoin miners globally face scrutiny over energy consumption, El Salvador's use of geothermal energy from Tecapa offers a sustainable alternative. The country's successful mining operations demonstrate the potential for renewable energy-powered cryptocurrency mining to be adopted elsewhere.
The $29 million mined through this initiative highlights the substantial, real-world value unlocked by El Salvador's pioneering stance as the first Bitcoin nation. As renewable energy mining gains traction worldwide, El Salvador's volcanic model sets an ambitious precedent for the future.
