El Salvador government has been mining 15 Bitcoin (BTC) per month since 2021 using volcano energy
As per available official records, the Bitcoin bull country El Salvador mined 474 Bitcoins from the country’s pollution-free Bitcoin mining firm.
El Salvador is a popular country in the world because of its high inclination toward Bitcoin. In early of 2021, this country showed its Bitcoin bull intention & finally introduced Bitcoin as a legal currency in Sep 2021, under the leadership of the country’s president Nayib Bukele.
Recently Reuters published a report on El Salvador country & its financial relationships with Bitcoin (BTC).
As we know, in 2021, the El Salvador government decided to use the country’s abundant free volcano energy for Bitcoin mining operations, to generate new Bitcoin for the country’s treasury fund.
The report noted that the country so far generated 474 BTC worth approximately $29.6 million at current prices, using the country’s geothermal power plant fueled by the Tecapa volcano in the nation’s east central region.
The country’s Tecapa volcano can relatively generate a small amount of energy but enough to power 300 Bitcoin mining processors.
The country uses 1.5 megawatts (MW) out of the 102 MW produced by the volcano power plant for Bitcoin mining. Alternatively, we can say that 0.75% of its electricity facility is used for Bitcoin mining to power the Bitcoin blockchain network as well as generate Bitcoin revenue for the country.
Since 2021, In addition to mining 474 bitcoins, the country has bought 5,750 bitcoins, which are worth about $354 million at the current trade price of Bitcoin.
Also recently, El Salvador’s government backed Bitcoin Office, shared that several crypto mining groups, like Foundry USA, Ant pool, ViaBTC, F2Pool, and Binance Pool, worked together to earn Bitcoin rewards via participating in the Bitcoin mining operations using the geothermal power plant over the past three years.
El Salvador Bitcoin Website
A week ago we reported that El Salvador launched its official bitcoin-focused website, to provide the exact real-time information on the country’s Bitcoin holdings.
Read also: Cointracking platform Coingecko notes Solana is 46 times faster than Ethereum
