El Salvador, which became the first country in the world to adopt Bitcoin (BTC) as legal tender, now has 5,750 Bitcoins. About 474 BTC is the result of mining.
According to a report from Bitcoin Office, El Salvador could now have around 5,750 Bitcoins. Bitcoin Office is a government entity aimed at managing all crypto-related projects in the country.
A Reuters report revealed that since 2021, El Salvador has managed to mine nearly 474 Bitcoins by utilizing geothermal power emanating from the Tecapa volcano.
In official data released on Tuesday, the Salvadoran government has more than $354 million (approximately Rp5.2 trillion) in Bitcoin based on current prices. The country has also launched a website on the same day to track their Bitcoin treasures.
The move shows that El Salvador has the potential to become one of the richest countries in the world thanks to its Bitcoin wealth. Interestingly, President Nayib Bukele stated that he has no plans to sell the country's large stash of Bitcoin. Bukele's government has installed 300 processors to mine Bitcoin from the volcano, the report added.
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Use Geothermal Power to Mine Bitcoin
A state-owned geothermal power plant in El Salvador allocates 1.5 megawatts (MW) of the 102 MW it generates for crypto mining.
"We don't spend resources that pollute the environment, we don't depend on oil, we don't depend on natural gas, or any other non-renewable resource," Daniel Álvarez, president of Rio Lempa's Hydroelectric Executive Commission, which oversees the power plant, told AP News in 2021.
The Bukele government seems to strongly support Bitcoin mining in El Salvador. However, despite having cheap electricity, the country imports about one-fifth to a quarter of its electricity. The rest of its electricity production is divided between hydroelectric, geothermal, and power plants that run on fossil fuels.
Of those, geothermal accounts for about a quarter of the country's energy, considering El Salvador has 20 active volcanoes. According to a 2021 report, the energy generated from geothermal turbines is used to run around 300 computers that mine Bitcoin. Bitcoins are mined using computers that solve complex mathematical problems and require a lot of electricity to operate.
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El Salvador's First Bitcoin Mining
In an industry still heavily reliant on polluting coal-fired power plants, the Salvadoran government promotes the use of clean energy for local mining.
Bukele shared a photo on his Twitter account on September 28, 2021, showing the first computers operating on geothermal power. The move marks the beginning of El Salvador's ambition to become a leader in sustainable Bitcoin mining.
In May 2024, Watcher.Guru reported that the volcano's geothermally powered power plant has generated 474 Bitcoins worth $29 million (approximately Rp427.8 billion). This data shows how serious El Salvador is in utilizing its natural resources to mine Bitcoin.
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Bitcoin Mining in El Salvador
El Salvador's move to integrate Bitcoin into its economy has not been without its challenges. Although the country has great potential with abundant geothermal resources, there are many technical and economic aspects that need to be carefully managed.
However, strong support from the government and a strategy focused on environmental sustainability give El Salvador a competitive advantage in global crypto mining.
With the launch of a website to track Bitcoin treasures nationwide, the government demonstrated transparency and commitment to utilizing blockchain technology for the public good.
The site allows citizens and investors to monitor Bitcoin developments in the country, increasing public trust and involvement in national crypto projects.
Conclusion
El Salvador's seriousness in mining Bitcoin using new renewable energy is an example of how other countries can follow in its footsteps. It also highlights the huge potential of blockchain and crypto technologies to contribute to sustainable economic development.
By continuously increasing mining capacity and optimizing the use of geothermal energy, El Salvador has the potential to become the world's Bitcoin mining hub known for its sustainability. In the next few years, we will probably see more innovations and initiatives from the country in technology and crypto, which could inspire other countries to pursue similar strategies.
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