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DailyBubble News

El Salvador’s Geothermal Bitcoin Revolution

El Salvador is making waves in the world of cryptocurrency mining by utilizing geothermal energy in a groundbreaking way. Since 2021, the country has successfully mined nearly 474 bitcoins by combining renewable energy with financial technology.

The Bitcoin Office of El Salvador has seen significant progress, with the state-owned Tecapa volcano plant now equipped with 300 processors. These processors harness geothermal energy to mine bitcoins, validate transactions, and ensure the security of the network.

This eco-friendly mining approach stands in contrast to traditional methods that rely on fossil fuels. By tapping into geothermal energy, El Salvador is paving the way for a more sustainable and environmentally friendly future for cryptocurrency. The geothermal plant, with a capacity of 102 megawatts, dedicates 1.5 MW specifically to mining BTC.

In a historic move in 2021, El Salvador adopted Bitcoin as a legal tender, drawing both praise and criticism, especially from the International Monetary Fund (IMF). Despite the scrutiny, many experts predict that this trend will only gain momentum in the future.

Julian Liniger, Co-Founder & CEO of Relai, believes that every nation-state will eventually engage in Bitcoin mining. El Salvador has actively expanded its crypto infrastructure, increasing its BTC holdings to $360 million. The recent growth in mining operations has contributed approximately $29 million to this total.

The country’s efforts to lead in the crypto and blockchain space are evident through various partnerships and projects that integrate digital financial tools into the economy. One such collaboration is with Bitfinex Securities, which is helping shape cryptocurrency regulations and recently launched a $6.25 million token bond project. This initiative aims to fund the construction of a new hotel at El Salvador International Airport, creating jobs and stimulating economic growth.

Additionally, El Salvador has prioritized transparency by establishing a public Bitcoin mempool, offering real-time data on national holdings. This platform is designed to foster trust and reliability in the country’s digital finance sector.

As El Salvador continues to embrace cryptocurrency mining with geothermal energy, its innovative approach is not only making waves in the industry but also setting a precedent for sustainable practices in the world of digital finance.

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