- Nayib Bukele, the president of El Salvador who is pro-Bitcoin, installed 300 new processors that run on volcanic geothermal energy.
- Bitcoin mining uses 1.47% of the 102 megawatts of electricity provided by the government.
Since 2021, El Salvador has used geothermal power generated by the Tecapa volcano to mine 474 bitcoins.
According to Reuters, the mined coins increase the nation’s total bitcoin holdings to 5,750, which is currently valued at almost $380 million.
The pro-Bitcoin president of El Salvador, Nayib Bukele, installed 300 additional processors using volcanic geothermal energy after winning a second term in February 2024. But of the 102 megawatts of power generated by the state-owned facility, 1.5 megawatts, or 1.47%, are used for bitcoin mining.
El Salvador was the first nation in the world to adopt Bitcoin as legal money in June 2021. The following year, however, saw little daily use of cryptocurrencies despite encouragement from the government.
At the time of writing, Bitcoin had a 7.13% increase in the previous day and was trading at $65,967. In the last day, the coin’s trading volume reached $27.1 billion.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
