El Salvador currently possesses 5,750 BTC valued at approximately $354 million, gathered in roughly three years.
El Salvador, a country in Central America, has mined roughly 474 BTC, valued at approximately $29 million, using volcanic geothermal energy since 2021.
According to Reuters, the country has allocated 1,5 megawatts (MW) for crypto mining out of the 103 MV produced by the state-owned power plant. Also, the Bitcoin was mined using power from El Salvador’s Tecapa volcano, using 300 mining processors.
Amid increasing concerns about BTC mining’s energy consumption and environmental impact, El Salvador stands out as leading renewable energy-driven mining.
The country’s innovative geothermal-powered Bitcoin mining marks a crucial advancement in the crypto space. Its success demonstrate the potential of renewable energy sources in crypto mining.
El Salvador Adopts Bitcoin As Legal Tender
In 2021, El Salvador made history by becoming the first country to adopt Bitcoin alongside the United States dollar as a legal tender. Since then, the government has adopted several Bitcoin-focused policies, including establishing a geothermal plant to mine BTC.
El Salvador currently possesses 5,750 BTC valued at approximately $354 million. Also, global organizations like the World Bank and others have strongly criticized El Salvador for its Bitcoin adoption since 2021.
One Bitcoin Daily
During the crypto winter between 2022 and 2023, speculators questioned President Nayib Bukele’s decisions about Bitcoin. However, he reaffirmed his commitment to the leading cryptocurrency by announcing that the nation would purchase one BTC daily. The president’s primary focus is to continue the practice until it becomes unaffordable with fiat currencies.
The announcement shows the country’s ongoing dedication and commitment to the initiative. The country’s daily purchase of Bitcoin also sends a clear signal to investors and businesses that El Salvador is committed to promoting an environment conducive to crypto adoption and innovation.
In November 2022, President Bukele unveiled a dollar-cost averaging (DCA) plan for El Salvador and committed to purchasing one BTC as part of the country’s pro-crypto scheme.
Despite initial criticism from several international financial organizations amid the crypto market’s bearish performance, the decision has proven strategically sound. The president’s administration has continued to champion and foster crypto adoption.
