El Salvador mines 474 Bitcoins with geothermal energy, earning $29 million

El Salvador leverages geothermal energy for Bitcoin mining, generating 474 bitcoins valued at $29 million since 2021

El Salvador’s move into Bitcoin mining using volcanic geothermal energy marked a significant step forward. Since 2021, the country has produced approximately 474 bitcoins valued at around $29 million using energy from the Tecapa volcano, with 300 mining processors. The state-operated power plant allocates 1.5 MW of its 102 megawatts (MW) of energy to crypto mining.

Amidst increasing criticism over Bitcoin mining’s reliance on electricity and fossil fuels, El Salvador stands out for its use of renewable energy in mining operations. By leveraging natural resources for digital asset mining, the country has taken an innovative approach, positioning itself as a pioneer in environmental conservation efforts related to cryptocurrency mining.

This development reflects the stance of El Salvador’s President, Nayib Bukele, towards Bitcoin. Bukele is known for being one of the first leaders to legally adopt Bitcoin, and he is determined to position his country as a hub for embracing cryptocurrencies.

Source: Newsroom