Since 2021, when El Salvador began validating Bitcoin blocks powered by volcanic energy, the Central American country has mined 474 BTC, worth about $29.6 million at current prices.
El Salvador has used a geothermal power plant powered by the Tecapa volcano in the country's east-central region to mine cryptocurrencies, Reuters reported.
El Salvador mines 474 BTC in volcano
The Tecapa volcano produces relatively little energy, but it powers 300 mining processors installed by El Salvador's Bitcoin-friendly President Nayib Bukele. The country dedicated 1.5 megawatts (MW) of the 102 MW produced by its power plants to cryptocurrency mining.
A mining plant powered by a volcano in El Salvador offers a sustainable alternative to the power-hungry operations of other Bitcoin mining entities, which have been criticized for their negative impact on the power grid and carbon emissions.
Adding to the number of Bitcoins El Salvador has purchased, plus the 474 BTC mined since 2021, the country currently holds 5,750 BTC, worth about $354 million at current prices.
Interestingly, El Salvador's Bitcoin Office has confirmed that several crypto mining entities, including Foundry USA, Ant pool, ViaBTC, F2Pool, and Binance Pool, have verified Bitcoin transactions verified by a geothermal power plant in El Salvador. revealed that they have joined the resources to create a blockchain and earn rewards. For the past 3 years.
Bitcoin bets in El Salvador pay off
El Salvador has come a long way since becoming the first country to adopt Bitcoin as legal tender in 2021. From using renewable energy sources for mining, to issuing Bitcoin bonds, to offering citizenship by investing in Bitcoin programs.
In mid-March, El Salvador's Bitcoin HODL strategy paid off, with BTC exceeding $70,000. The country will begin accumulating digital assets in 2021, and announced in November of the following year that it would purchase 1 BTC every day. At the time of the announcement, Bitcoin's value was hovering around $16,000. However, as of this writing, the property was valued at approximately $63,000.
crypto potato reported that the country's hidden assets achieved a 55% return on investment and recorded unrealized gains of approximately $66 million. Notably, the profits did not account for the country's total Bitcoin holdings, as there were assets received through additional sources of income not known to the public.
