El Salvador has made headlines as the first nation to embrace Bitcoin as legal tender. The government holds an impressive 5,750 Bitcoins, according to a report from the Bitcoin Office. Since 2021, the country has mined around 474 Bitcoins using geothermal power generated from the Tecapa volcano.
The official data from the power plant revealed that El Salvador’s Bitcoin holdings are currently valued at over $354 million. To keep track of this wealth, the nation launched a Bitcoin Treasury website. This move, along with the country’s growing Bitcoin holdings, suggests that El Salvador could become one of the wealthiest nations globally.
President Bukele has made it clear that there are no intentions to sell the country’s Bitcoin assets. The government has even installed 300 processors to mine more Bitcoins using the volcano’s geothermal power.
El Salvador’s geothermal power plant allocates 1.5 megawatts to cryptocurrency mining out of the total 102 MW produced. This clean energy approach aligns with the government’s commitment to environmental sustainability. Despite importing a significant portion of its electricity, El Salvador’s geothermal energy accounts for a quarter of the country’s total energy production.
The use of clean energy for Bitcoin mining sets El Salvador apart in an industry still reliant on polluting coal-fired power plants. With 20 active volcanoes in the country, geothermal energy offers a renewable and environmentally friendly solution for Bitcoin mining operations.