El Salvador increased its bitcoin holdings by mining nearly 474 bitcoins in the last three years. What makes this even more special is the use of geothermal energy from the Tecapa volcano for mining these BTC coins, Reuters said.
The official Bitcoin Office reported that El Salvador’s Bitcoin treasury now sits at 5,750 bitcoins, valued at roughly $354 million at current prices. These latest additions, totalling 473.5 bitcoins worth $29 million, were mined since September 2021 using a dedicated portion of the volcano’s geothermal power plant.
President Nayib Bukele, a known Bitcoin advocate re-elected earlier this year, authorized the installation of 300 processors for mining specifically powered by 1.5 megawatts from the 102-megawatt geothermal plant.
El Salvador’s adoption of Bitcoin as legal tender in 2021, alongside the US dollar, was a controversial move. The International Monetary Fund (IMF) and others criticized the government’s embrace of the volatile cryptocurrency.
