El Salvador Advances Bitcoin Mining with Geothermal Energy
El Salvador has made strides in Bitcoin mining, leveraging its abundant geothermal energy resources.
Since 2021, the country has mined 474 Bitcoin, valued at $29 million, using power generated from the Tecapa volcano. With 300 mining processors, El Salvador allocates 1.5 megawatts (MW) out of its 102 MW geothermal capacity to cryptocurrency mining. This move positions El Salvador as a pioneer in renewable energy-driven Bitcoin mining.
In a historic move in 2021, El Salvador became the first country to adopt Bitcoin as legal tender alongside the US dollar. Since then, the government has implemented various pro-Bitcoin policies, including the establishment of a geothermal plant dedicated to mining BTC. Presently, El Salvador holds 5,750 BTC, amounting to approximately $354 million.
Despite facing criticism from global entities like the World Bank, President Nayib Bukele remains steadfast in his support for Bitcoin. Bukele’s commitment was validated by his landslide victory in the 2024 presidential election. This positive stance on Bitcoin aligns with El Salvador’s efforts to drive economic growth and technological innovation through cryptocurrency adoption.
READ MORE: Bank of Montreal Enters Bitcoin ETF Market Amid Institutional Adoption Surge
In response to concerns about Bitcoin’s environmental impact, various initiatives have emerged within the crypto industry. Advocates call for a transition from proof-of-work to more sustainable consensus mechanisms like proof-of-stake. Additionally, some governments, including New York under Governor Kathy Hochul, have implemented temporary bans on proof-of-work crypto mining.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
