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El Salvador, a small Central American country, continues to make a splash in the world of global finance. According to Reuters, the country has successfully mined approximately 474 Bitcoins since 2021, thanks to a unique geothermal power plant originating from a volcano. This initiative significantly increased the government's total BTC portfolio, which stands at a staggering $354 million at current prices.
The “Bitcoin Office”, an official government organization of the country, reported that there are currently 5,750 bitcoins in the state coffers. The newly added 473.5 bitcoins worth approximately $29 million have been mined since September 2021. These Bitcoins were produced using small amounts of geothermal energy from the country's majestic Tecapa volcano.
The administration of President Nayib Bukele, who was re-elected for a second term earlier this year and is known as a Bitcoin enthusiast, has installed 300 mining devices to “mine” bitcoin from the volcano. Of the 102 megawatts (MW) produced by the state-owned power plant, 1.5 MW was devoted to cryptocurrency mining.
Cryptocurrency miners around the world have come under increased scrutiny recently due to their electricity-consuming operations and the impact their activities have on power grids and carbon emissions. But El Salvador's geothermal-powered mining operation offers a more sustainable alternative.
*This is not investment advice.