in

Volcano Bitcoin Mining Offers El Salvador $29 Million Increase

Volcano Bitcoin Mining Offers El Salvador  Million Increase


El Salvador has mined practically 474 bitcoins value round $29 million since September 2021 utilizing geothermal power from the Tecapa volcano, official knowledge revealed. This boosts the nation’s complete bitcoin holdings to five,750 BTC valued at over $360 million.

The renewable power mining operation is a collaborative effort between El Salvador and bitcoin mining companies like Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool. It makes use of the geothermal energy from Tecapa, one among El Salvador’s many lively volcanoes.

Of the 102 megawatts generated by the state-owned geothermal energy plant beside the volcano, 1.5 megawatts go towards Bitcoin mining. President Nayib Bukele has put in 300 specialised mining processors to facilitate the method.

El Salvador made headlines in 2021 by changing into the primary nation to undertake bitcoin as authorized tender. Regardless of criticism from the IMF and others, Bukele has remained dedicated to Bitcoin, with a Bitcoin mining operation powered by volcano-fueled geothermal power embodying this forward-thinking strategy.

Click on the picture to be taught extra.

The nation’s mining accomplishments stand in stark distinction to the scrutiny bitcoin miners face worldwide over power utilization. By tapping geothermal power from Tecapa, El Salvador supplies a renewable mannequin for potential adoption elsewhere.

The $29 million mined demonstrates the substantial, real-world worth unlocked by El Salvador’s standing as the primary Bitcoin nation. As extra renewable mining comes on-line globally, the nation’s volcanic mannequin supplies an formidable precedent.





Read more on bitcoinmagazine

Written by bourbiza mohamed

Leave a Reply

Your email address will not be published. Required fields are marked *

GameStop Crashed 30%. Is the Roaring Kitty Rally Over?

GameStop Crashed 30%. Is the Roaring Kitty Rally Over?

Startup Blueprint: TC Disrupt 2024 Builders Stage agenda sneak peek!

Startup Blueprint: TC Disrupt 2024 Builders Stage agenda sneak peek!