El Salvador, the pioneer in adopting bitcoin as legal tender, has reportedly bolstered its treasury with 473.5 BTC through the use of geothermal energy. Official data released by The Bitcoin Office of El Salvador (ONBTC) reveals that this amount of bitcoin has been mined since 2021 by harnessing 1.5 MW of power from the Tecapa volcanic complex.
El Salvador Generates 473.5 BTC Using Geothermal Power Sources
Companies and countries are capitalizing on renewable energy sources to mine bitcoin. According to Reuters, The Bitcoin Office of El Salvador (ONBTC), an entity responsible for overseeing all cryptocurrency-related matters, has reported that the nation’s bitcoin treasury has received an addition of 473.5 BTC. These bitcoins were obtained from mining centers in El Salvador, which have been powered by geothermal energy since 2021.
The bitcoin was extracted by 300 miners at the Berlin geothermal plant, utilizing the energy supplied by the Tecapa volcanic complex. These digital currencies contribute to the total of over 5,750 BTC currently held by El Salvador in its public treasury address, as disclosed by President Nayib Bukele earlier this year.
Bukele has expressed his enthusiasm for harnessing geothermal energy, a type of power generated by steam extracted from underground reservoirs to operate turbines. He even shared a video showcasing the commencement of operations at the Berlin geothermal plant, highlighting the connection of bitcoin miners. However, this marks one of the initial instances where Bukele’s administration offers some insight into the outcomes of this eco-friendly mining initiative.
The project has the potential for expansion, considering that only 1.5 MW out of the Berlin plant’s total production capacity of 120 MW is currently dedicated to this endeavor. In 2022, Bukele confirmed that the country has been investing in increasing the capacity of its geothermal power grid, revealing the discovery of a well with the capability of producing 95 MW back in 2022. This could potentially supply all the electricity required to fuel Bitcoin City, a metropolis announced by the president in 2021 that aims to operate solely on green energy.
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