El Salvador’s Bitcoin Office has revealed that their geothermal system, powered by a volcano, has mined approximately 474 Bitcoin (BTC) over the past three years.
Mining Success
The Central American nation, which made Bitcoin legal tender in 2021, has generated around $30 million worth of the cryptocurrency using a power plant fueled by the Tecapa volcano.
Technical Details
The administration of President Nayib Bukele has installed 300 processors to mine BTC, utilizing 1.5 megawatts of the power plant’s 102 megawatt output.
Financial Holdings
El Salvador currently holds 5,750 BTC, valued at approximately $373 million at the time of writing.
Volcano Bonds and Price Stability
In December 2022, El Salvador approved the issuance of “Volcano Bonds,” the world’s first Bitcoin bonds. Despite price fluctuations, President Bukele has stated that the country has no plans to sell its BTC holdings.
Bitcoin’s Performance
At the time of writing, Bitcoin is trading at $64,929, showing a 5.74% increase over the past 24 hours.
