After officially recognizing Bitcoin as legal tender in September 2021, the Central American country of El Salvador has activated a geothermal power plant near the Tecapa volcano for Bitcoin mining. According to the latest data, El Salvador has successfully mined approximately 473.5 Bitcoins, worth nearly $29 million, using this geothermal energy. Including the mined Bitcoins, the Salvadoran government currently holds a total of 5,750 Bitcoins, valued at nearly $354 million.
El Salvador’s state-owned geothermal power plant generates 102 megawatts of electricity, with 1.5 megawatts specifically dedicated to Bitcoin mining.
The Salvadoran Bitcoin Office stated that cryptocurrency mining companies, including Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool, have pooled their resources to compete for rewards and verify Bitcoin transactions mined by the country’s power plant over the past three years.
Since officially adopting Bitcoin as legal tender, President Nayib Bukele has actively promoted various Bitcoin policies in El Salvador. These include the development of wallets and the introduction of an investment citizenship program in December last year. By investing $1 million in Bitcoin or USDT, individuals can obtain residency visas and citizenship while seeking to issue $1 billion worth of Bitcoin volcano bonds.
In March, Bukele announced the transfer of most of the Bitcoins to a cold wallet and publicly disclosed the wallet address, demonstrating his commitment to Bitcoin and transparency. He also announced the continuation of daily investments of 1 Bitcoin into the cold wallet until it becomes difficult to afford Bitcoin with fiat currency.
Previously, the Salvadoran Bitcoin Office announced its partnership with Mempool on the 13th to launch a website dedicated to tracking the Salvadoran government’s Bitcoin reserves. The website confirms that the Salvadoran government has indeed implemented the strategy of daily investments of 1 Bitcoin.
Related Reports
El Salvador’s Bitcoin investment yields a profit of £83 million! Legendary investor Tim Draper: It will become the wealthiest country in the world.
El Salvador’s Bitcoin investment earns over 40%! President Bukele: The experts who doubted us are now silent.
Bitcoin President Bukele successfully reelected! El Salvador solidifies the path to Bitcoin becoming legal tender.