- Geothermal energy from the Tecapa volcano allows El Salvador’s Bitcoin portfolio to exceed $354 million.
- Public real-time access to Bitcoin data increases transparency and serves as a benchmark for other nations.
El Salvador has made tremendous progress in the cryptocurrency space, mining about 474 BTC to date with the use of a geothermal power plant powered by the nation’s massive Tecapa volcano.
This accomplishment was emphasized in official data issued on Tuesday, which, at current prices, brings the government’s total Bitcoin portfolio to an astounding $354 million. The nation is positioned as a pioneer in sustainable bitcoin mining and this creative strategy demonstrates its dedication to renewable energy.
🇸🇻 EL SALVADOR MINES 474 #BITCOIN, VALUED AT $29 MILLION, OVER THREE YEARS UTILIZING VOLCANO-POWERED GEOTHERMAL ENERGY, REPORTS REUTERS pic.twitter.com/TqxYsoxbjh
— Blockchain Daily (@blckchaindaily) May 15, 2024
Building Up A Bitcoin Portfolio
5,750 BTC are now held in government coffers, according to the “Bitcoin Office,” a government organization tasked with overseeing Bitcoin-related operations. In September 2021, El Salvador mined 473.5 BTC, or almost $29 million.
Through a tiny quantity of geothermal energy produced by the Tecapa volcano, this new addition offers a green and environmentally friendly way to accumulate the well-known cryptocurrency, which functions outside of any central bank control.
Viewpoint of President Bukele
Key to this effort has been President Nayib Bukele, a well-known Bitcoin supporter who was just reelected for a second term. To mine bitcoins from the volcanic geothermal energy, 300 processors have been deployed under his direction.
One and a half megawatts (MW) of the 102 MW generated by the state-owned power plant are set aside, especially for bitcoin mining.
The complicated mathematical calculations required to protect cryptocurrencies like Bitcoin depend on this process, which consumes a lot of energy for computing and cooling data processing facilities.
Discretion and Instant Access
As previously reported by ETHNews, El Salvador had previously given the public real-time access to its Bitcoin activities using a mempool that is linked with its Treasury data in an effort to improve transparency.
By taking this measure, public confidence has grown and knowledge of the nation’s Bitcoin holdings and transactions has become more apparent, establishing a standard for other countries to equal.