El Salvador Boosts Bitcoin Reserves Using Volcanic Geothermal Energy
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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.