El Salvador has demonstrated that Bitcoin can be mined not only with electricity, but also using geothermal energy from the Tecapa volcano.
According to Reuters, El Salvador has successfully mined 473.5 bitcoins over the past three years using geothermal energy from the Tecapa volcano. This mining activity has added $29 million in bitcoin value to the country, bringing its total bitcoin holdings to 5,750, worth nearly $354 million.
The report mentioned that all 300 Bitcoin mining processors currently used in El Salvador are powered by geothermal energy from the Tecapa volcano. The country has allocated 1.5 megawatts of electricity from the 102 megawatts of electricity produced by state-owned power plants specifically for Bitcoin mining. This marks a major shift in El Salvador's Bitcoin mining methods from traditional reliance on electricity and fossil fuels.
Additionally, the El Salvador Bitcoin Office announced the launch of a new platform that allows anyone to view and track the country’s Bitcoin investment data through a personalized memory pool. As of press time, the country’s Bitcoin holdings are 5,748.76 BTC.
El Salvador’s Bitcoin-focused policy scores a win
In 2021, El Salvador set a global precedent by becoming the first country to adopt Bitcoin as legal tender alongside the U.S. dollar. Since then, the government of Nayib Bukele has implemented a number of Bitcoin-centric policies, including the establishment of geothermal power plants for Bitcoin mining.
However, the decision has sparked controversy, with the Salvadoran government facing criticism from the global media and traditional financial institutions including the International Monetary Fund (IMF).
From 2022 to 2023, the Bitcoin bear market has intensified criticism of the Salvadoran government, with many questioning the decision-making of President Nayib Bukele. Despite this, President Bukele has stepped up his investment in Bitcoin, announcing that the country will purchase one BTC per day and move all funds to secure cold storage. This decision shows El Salvador's firm belief in Bitcoin and long-term commitment to the country's cryptocurrency future.
Conclusion:
El Salvador has successfully mined 473.5 bitcoins through the geothermal energy of the Tecapa volcano. This innovative practice not only reduces dependence on fossil fuels, but also brings about $29 million in bitcoin value growth to the country. This strategy not only reflects El Salvador's foresight in sustainable energy utilization, but also demonstrates its leadership in cryptocurrency policy, providing the world with an example of how natural resources can be transformed into financial assets.
In the face of international doubts and market volatility, the Salvadoran government's firm support and investment in Bitcoin demonstrates its confidence in the long-term value of cryptocurrencies. By establishing a transparent Bitcoin investment tracking platform, financial transparency has been improved and public trust has been enhanced. This policy and practice of El Salvador may continue to influence the global view of cryptocurrencies and inspire other countries to explore strategies for sustainable development and financial innovation, which is of great reference value for the formulation of global cryptocurrency policies. #萨尔瓦多 #比特币 #能源采矿