How Much Bitcoin (BTC) Is El Salvador Mining Using Volcanic Power: Report

In the year Since 2021, El Salvador began validating bitcoin blocks with volcanic power, the Central American country has mined 474 BTC, worth approximately $29.6 million at current prices.

According to a Reuters report, El Salvador has mined cryptocurrencies using a geothermal power plant in the country's east-central region, fueled by the Tecpa volcano.

El Salvador mines 474 BTC with a volcano

Although the power output from the Tekapa volcano is relatively small, it powers 300 mining processors installed by El Salvador's bitcoin-friendly president, Naib Bukele. The country has dedicated 1.5 megawatts (MW) of the 102 megawatts produced by the power plant to crypto mining.

El Salvador's volcano-powered mining plant has been criticized for its negative impact on power grids and carbon emissions, offering a sustainable alternative to the electricity-consuming operations of other Bitcoin mining entities.

In the year Adding the 474 BTC mined since 2021 to the number of bitcoins El Salvador has purchased, the country now holds 5,750 BTC at current prices of approximately $354 million.

Interestingly, the El Salvador Bitcoin Bureau revealed that several crypto mining institutions, including Foundry USA, Ant Pool, ViaBTC, F2Pool, and Binance Pool, have joined forces to create a blockchain that verifies Bitcoin transactions at a geothermal power plant. The last three years.

El Salvador bitcoin bets pay off.

El Salvador It has come a long way since becoming the first country to accept Bitcoin as legal tender in 2021. From mining renewable energy sources to launching Bitcoin bonds and offering a citizenship-by-investment program.

In mid-March, El Salvador's Bitcoin HODL strategy paid off, raising BTC to over $70,000. The country will start mobilizing the digital asset in 2021 and announced that it will buy one BTC per day in November next year. At the time of the announcement, the price of Bitcoin hovered around $16,000. However, the property was valued at approximately $63,000 at the time of writing.

CryptoPotato reports that the country's stash has made a 55% return on investment, with an unrealized profit of nearly $66 million. In particular, the profit does not take into account the total Bitcoin holdings of the country, because there are assets obtained from additional sources of income that are not known to the public.