El Salvador Boosts Bitcoin Reserves Using Volcanic Geothermal Energy

  • Sergey Maga
  • 15 May, 2024 12:17
El Salvador Boosts Bitcoin Reserves Using Volcanic Geothermal Energy

El Salvador has successfully mined 473.5 Bitcoin (BTC) over the past three years by harnessing the geothermal power of the Tecapa volcano, adding approximately $29 million to the nation’s Bitcoin reserves. The country’s total Bitcoin holdings are now estimated to be worth nearly $354 million, according to Cryptobriefing.

This initiative, which leverages the renewable energy of volcanoes, places El Salvador at the forefront of environmentally sustainable cryptocurrency mining practices. Such eco-friendly methods stand in stark contrast to the typically energy-intensive mining operations that have been widely criticized for their environmental impact.

Under the leadership of President Nayib Bukele, who has been a vocal supporter of Bitcoin, El Salvador adopted the cryptocurrency as legal tender in 2021. Following this, in November 2022, Bukele initiated a national Dollar-Cost Averaging (DCA) strategy, committing to purchase one Bitcoin daily. This strategy has reportedly yielded unrealized profits exceeding 43% on their Bitcoin investments.

In addition to financial maneuvers, El Salvador has also taken steps towards enhancing transparency in its Bitcoin dealings. Recently, the country’s Bitcoin Office launched a new platform that allows public access to view detailed Bitcoin investment data, further solidifying its commitment to transparency in its pioneering digital currency initiatives.

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