After officially declaring Bitcoin as legal tender in September 2021, the Central American country of El Salvador has activated a geothermal power plant near the Tecapa volcano for Bitcoin mining. The latest data shows that El Salvador has successfully mined approximately 473.5 Bitcoins, worth nearly $29 million, using the geothermal energy provided by the volcano.
According to reports from Reuters, based on data from El Salvador’s National Bitcoin Office, the country has mined a total of 473.5 Bitcoins since September 2021, with a value close to $29 million. Including the mined Bitcoins, the Salvadoran government currently holds a total of 5,750 Bitcoins, worth nearly $354 million.
It is reported that out of the 102 megawatts of electricity generated by El Salvador’s state-owned geothermal power plant, 1.5 megawatts are specifically used for Bitcoin mining.
The National Bitcoin Office of El Salvador stated that cryptocurrency mining companies such as Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool have pooled their resources to compete for rewards and jointly verify Bitcoin transactions mined by the country’s power plant over the past three years.
Since officially adopting Bitcoin as legal tender, President Nayib Bukele has actively promoted several Bitcoin policies in El Salvador. This includes developing wallets and launching the investment citizenship program in December last year, where investing $1 million in Bitcoin or USDT can grant residency visas and citizenship, as well as seeking the issuance of $1 billion Bitcoin volcano bonds.
In March, Bukele announced that most of the Bitcoins would be transferred to a cold wallet, publicly displaying the wallet address to demonstrate his commitment to Bitcoin and transparency. He also declared that the daily investment of 1 Bitcoin into the cold wallet would continue until it becomes difficult to afford Bitcoin with fiat currency.
Previously, the National Bitcoin Office of El Salvador announced its partnership with Mempool on the 13th, launching a website dedicated to tracking the government’s Bitcoin reserves. The website confirms that the Salvadoran government is indeed implementing the strategy of daily investment of 1 Bitcoin.
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