Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>El Salvador has mined 474 bitcoin since 2021 using geothermal power, increasing its total bitcoin holdings to 5,750.</li>
 <li>Despite government efforts, everyday cryptocurrency usage in the country remains low.</li>
</ul>
<p>El Salvador has been utilizing geothermal power from the Tecapa volcano to mine <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> since 2021.</p>
<p>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.</p>
<h2 id="geothermal-energy-and-bitcoin-mining">Geothermal Energy and Bitcoin Mining</h2>
<p>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.</p>
<p>He has implemented the use of 300 new processors powered by volcanic geothermal energy for Bitcoin mining.</p>
<p>However, only 1.5 megawatts, or 1.47% of the 102 megawatts produced by the government-run power plant, are allocated to Bitcoin mining.</p>
<h2 id="bitcoin-as-legal-tender">Bitcoin as Legal Tender</h2>
<p>El Salvador made history in June 2021 by becoming the first country to accept Bitcoin as legal tender.</p>
<p>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.</p>
<p>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.</p>
<p>The coin recorded $27.1 billion in trading volume within the past day.</p>

El Salvador Harnesses Volcanic Power to Mine 474 Bitcoin in 2021, Total BTC Now 5,750: Unearthed Report

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