🇸🇻 JUST IN: El Salvador mines 474 Bitcoin worth $29 million using its volcano-fueled geothermal power plant.

El Salvador has indeed embarked on an ambitious project, using the geothermal energy from its volcanoes to mine Bitcoin. The country's volcano-powered Bitcoin mining operation involves a significant setup, powered by a new well that provides about 95MW of clean, zero-emission geothermal energy. This project is part of a broader push by the Salvadoran government under President Nayib Bukele to harness the nation's volcanic energy to bolster its economy through cryptocurrency mining.

The initiative, known as Volcano Energy, kicked off with a substantial investment, including a $250 million initial funding round. The project aims to create a substantial mining hub, demonstrating El Salvador's commitment to integrating renewable energy sources with high-tech ventures. Notably, the setup includes a combination of solar and wind energy to support its operations, setting a precedent in the Bitcoin mining community for using renewable resources.

This development aligns with the nation's larger strategy of embracing Bitcoin, which became the first country to make it legal tender in 2021. The government has touted this as a way to attract investment and innovation, though it has also faced criticism and concerns regarding the economic and environmental implications of such moves.