Key Takeaways
- El Salvador has mined 474 Bitcoin worth $29 million using geothermal energy.
- The country has dedicated 1.5 MW from the Tecapa volcano's power plant for Bitcoin mining.
- El Salvador holds a total of 5,750 Bitcoin, valued at approximately $354 million.
El Salvador has achieved a significant milestone in Bitcoin mining by utilizing geothermal energy from the Tecapa volcano.
Since 2021, the country has mined a total of 474 Bitcoin, valued at $29 million, using 300 mining processors powered by 1.5 megawatts (MW) of the 102 MW produced by the state-owned power plant.
This initiative is part of El Salvador’s broader Bitcoin-focused policies following its historic decision in 2021 to adopt Bitcoin as legal tender alongside the United States dollar.
The country’s embrace of renewable energy for Bitcoin mining addresses the global scrutiny over the environmental impact of Bitcoin mining.
Still buying bitcoin
Despite the criticism from organizations like the World Bank and the intense scrutiny during the bear market from 2022 to 2023, President Nayib Bukele has remained steadfast in his support for Bitcoin.
In a notable move, Bukele announced that El Salvador would purchase one Bitcoin every day, reinforcing his commitment to the cryptocurrency.
Total bitcoin holdings
As of now, El Salvador holds a total of 5,750 Bitcoin, worth approximately $354 million.
President Bukele’s Bitcoin policies have garnered widespread support, contributing to his recent victory in the 2024 presidential election.
