El Salvador Mines $29M In Bitcoin Using Volcanic Geothermal Power

El Salvador, the first country to adopt Bitcoin as legal tender, has mined nearly 474 Bitcoins worth approximately $29 million using geothermal energy from the Tecapa volcano, according to Nasdaq.

Harnessing Volcanic Power for Bitcoin Mining

Since September 2021, El Salvador has been leveraging the geothermal power of the Tecapa volcano to fuel its Bitcoin mining operations. 

This initiative, a collaboration with prominent mining firms like Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool, taps into the 102 megawatts generated by the state-owned geothermal power plant. 

Of this, 1.5 megawatts are dedicated to running 300 specialized mining processors installed by President Nayib Bukele.

El Salvador aims to demonstrate how countries with abundant natural resources can integrate sustainable practices into technological advancements by utilising geothermal energy.

A Commitment to Bitcoin Amid Global Scrutiny

Despite criticism from entities like the International Monetary Fund (IMF) and other global financial bodies, President Bukele remains steadfast in his commitment to Bitcoin. 

The nation’s total Bitcoin holdings now stand at 5,750 BTC, valued at over $360 million. 

As global concerns over the environmental impact of Bitcoin mining continue to grow, the country’s use of geothermal power offers a viable and eco-friendly alternative.