Key Points
- El Salvador has mined 474 bitcoin since 2021 using geothermal power, increasing its total bitcoin holdings to 5,750.
- Despite government efforts, everyday cryptocurrency usage in the country remains low.
El Salvador has been utilizing geothermal power from the Tecapa volcano to mine Bitcoin since 2021.
This effort has resulted in the country mining 474 Bitcoins, bringing its total Bitcoin holdings to 5,750, which is valued at approximately $380 million.
Geothermal Energy and Bitcoin Mining
The country’s president, Nayib Bukele, who is a known supporter of Bitcoin, has been in power since his second term win in February 2024.
He has implemented the use of 300 new processors powered by volcanic geothermal energy for Bitcoin mining.
However, only 1.5 megawatts, or 1.47% of the 102 megawatts produced by the government-run power plant, are allocated to Bitcoin mining.
Bitcoin as Legal Tender
El Salvador made history in June 2021 by becoming the first country to accept Bitcoin as legal tender.
Despite this significant move and the government’s push for its adoption, the everyday use of cryptocurrency in the country remained low the following year.
As of May 15, Bitcoin was trading at $65,967 at 3:38 p.m. ET (19:38 UTC), showing a 7.13% increase within the past 24 hours.
The coin recorded $27.1 billion in trading volume within the past day.
