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May 22, 2024
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El Salvador Uses Volcano-Fuel To Mine 474 Bitcoin Worth $29 Million

El Salvador, the leading Bitcoin-centric nation, has been steadily increasing its Bitcoin holdings. The nation has joined the Bitcoin mining spree and, till now, has mined nearly 474 bitcoins, per new records. El Salvador is also pioneering a green energy initiative for its BTC mining endeavors, using a volcano-powered geothermal plant as its energy resource. 

Also Read: El Salvador Introduces Tokenized Hotel Project Through Bitfinex

El Salvador Continues to Increase Its Bitcoin Holdings

el salvador bitcoin btcel salvador bitcoin btc
Source: BuyUcoin

El Salvador, a nation that made Bitcoin its legal tender, is now inching towards establishing another crypto milestone. The country has gradually been working towards increasing its own BTC holdings, taking the levels to new highs. 

Recent reports revealed El Salvador’s new initiative, in which the nation has mined 474 bitcoins in the last three years.

The reports further revealed critical details, including how the nation has created its own Bitcoin office to keep its BTC proceedings in alignment with the developments. The office revealed how the nation’s Bitcoin holdings now stand at a staggering 5,750 BTCs. 

Pioneering the Green Mining Initiative 

While Bitcoin has often been dubbed notorious due to its high energy usage, El Salvador is pioneering a green initiative to mine this precious crypto. The nation’s own volcano dubbed Tecapa is powering this initiative, by acting as a geothermal plant to fuel the mining endeavor.

This lucrative green method has helped El Salvador add nearly 474 Bitcoins to its stash, amounting to $29 million. Nayib Bukele, the president of El Salvador, has been at the forefront of this initiative. Bukele has installed nearly 300 processors to bolster the mining proceedings. 

Also Read: El Salvador Drops Income Taxes for Money From Abroad

The country is producing nearly 102 megawatts of energy, out of which nearly 1.5 MW is being dedicated to mining initiatives. 

By adopting a greener stance, El Salvador is on the verge of changing perspectives. The nation is accentuating the fact that Bitcoin is here to stay for the long haul. 

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