El Salvador Successfully Mines 474 BTC Using Geothermal Energy

El Salvador Successfully Mines 474 BTC Using Geothermal Energy

Since 2021, El Salvador has mined 474 Bitcoin, valued at approximately $29.3 million, using geothermal energy generated by volcanoes.

According to Reuters, El Salvador has mined over 474 BTC in the past three years by utilizing geothermal energy from the Tecapa volcano. Under President Nayib Bukele’s leadership, the government deployed 300 specialized processors, consuming 1.5 megawatts (MW) of the volcano’s 102 MW geothermal capacity for mining—equivalent to 5% of the total geothermal capacity allocated for this purpose.
This initiative has generated additional revenue of $29.3 million since 2021. Currently, El Salvador's national Bitcoin reserves stand at 5,750 BTC, valued at around $355 million.

El Salvador’s Bitcoin Mining Project Gains Attention

El Salvador has also launched a Bitcoin mining pool as part of the Volcano Energy project, beginning block mining through Lava Pool in partnership with Luxor Technology in 2023. This $1 billion renewable energy project in the Bitcoin-friendly country made headlines in early 2023. Among the investors in this project is Tether, a stablecoin issuer, which plans to generate renewable electricity in El Salvador to power future Bitcoin mining operations.

Conclusion

El Salvador's innovative approach to Bitcoin mining using geothermal energy from volcanoes has proven successful, with the country mining 474 BTC, valued at $29.3 million, since 2021.
Under President Nayib Bukele's leadership, this initiative leverages a small portion of the Tecapa volcano's geothermal capacity, showcasing the potential of renewable energy in cryptocurrency mining. Additionally, the country's national Bitcoin reserves have grown to 5,750 BTC, worth approximately $355 million. The launch of the Volcano Energy project and partnerships with companies like Luxor Technology highlight El Salvador's commitment to sustainable and forward-thinking energy solutions for Bitcoin mining, attracting significant attention and investment from major players in the crypto industry.

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