Since 2021, El Salvador has mined 473.5 BTC (equivalent to $29.3 million) through the use of geothermal energy. Such information was released by Reuters, referring to the state structure Bitcoin Office.
El Salvador's President Nayib Bukele first revealed the potential of using volcanic energy for mining in June 2021. The country's leader put LaGeo in charge of the initiative.
Subsequently, a total of 300 #mining rigs were deployed at the site located near the Tekapa volcano. At the time, Bukele expressed his satisfaction, calling it a "perfect" solution to the #ecological problems associated with traditional mining centers.
It is worth noting that some conservationists have spoken out against the endeavor. They emphasized that this approach to power generation is more costly than traditional methods and requires significant water resources, which is a problem El Salvador is facing.
Nevertheless, as reported by Reuters, the project has been a success. Over the course of three years, the installation near the Tecapa volcano generated 473.5 BTC, which is $29.3 million at the weaving exchange rate.
In total, the facility generates 102 MW of electricity, while mining consumes 1.5 MW.
Recall that earlier #Bitcoin Office unveiled a platform that allows individuals to track the amount of bitcoins in the country's possession. As of May 15, 2024, according to this platform, El Salvador owns 5,750.76 BTC, which is almost $356 million at the current exchange rate.
