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Volcanic Bitcoin mining in El Salvador yields 473.5 BTC, increasing holdings to 5,750 coins
El Salvador has mined 473.5 Bitcoins since September 2021 using geothermal energy from the Tecapa volcano. According to official data released by the country’s “Bitcoin Office” on Tuesday, this brings the government’s total Bitcoin portfolio for 5,750 BTC.
Key points:
- El Salvador has mined 473.5 Bitcoins since 2021 using geothermal energy from the Tecapa volcano.
- The government’s total BTC holdings now stand at 5,750 BTC, valued at around $354 million.
- The state-owned plant dedicates 1.5 MW of its 102 MW output to cryptocurrency mining.
- President Nayib Bukele installed 300 processors to mine BTC from the volcano.
- El Salvador’s adoption of Bitcoin as legal tender in 2021 drew criticism, including from the IMF.
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The mining operation is powered by a small portion of the geothermal energy generated by the towering Tecapa volcano. The state-owned plant produces a total of 102 megawatts (MW). Of the total, 1.5 MW are dedicated to the cryptocurrency mining process.
El Salvador installed 300 processors to mine Bitcoin
Under the leadership of President Nayib Bukele, El Salvador has installed 300 processors to facilitate BTC mining using the volcano’s geothermal energy. El Salvador’s green approach to cryptocurrency mining stands in stark contrast to the growing global scrutiny miners face over their electricity-consuming operations.
El Salvador’s strategic step to adopt Bitcoin as legal tender alongside the US dollar in 2021 has drawn harsh criticism of the Bukele government from several quarters, including the International Monetary Fund (IMF).
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Despite criticism, El Salvador’s volcanic bitcoin mining operation has produced impressive results. The recently mined 473.5 Bitcoin was the result of a collaborative effort by cryptocurrency miners Foundry USA, Ant pool, ViaBTC, F2Pool, and Binance Pool.
The successful mining operation not only adds to El Salvador’s growing Bitcoin reserves, but also shows the potential of renewable energy sources to power the energy-intensive cryptocurrency mining process.
Vignesh Karunanidhi
Vignesh Karunanidhi
Writer of Estrada do Leite
Vignesh is a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content including news articles, long-form pieces, and blog posts, all focused on sharing. the beauty of blockchain and cryptography.