- The Informer Post
- Posts
- El Salvador’s ‘Bitcoin Office’ Reports Volcano-Based Geothermal System Mined 474 BTC in Three Years: Report
El Salvador’s ‘Bitcoin Office’ Reports Volcano-Based Geothermal System Mined 474 BTC in Three Years: Report
El Salvador’s National Bitcoin Office is reporting that its volcano-based geothermal system has mined nearly 474 BTC during the last three years.
According to a new report by Reuters, the Central American nation, which became the first country in the world to make Bitcoin legal tender in 2021, has mined about $30 million worth of the crypto king since then using a power plant fueled by a volcano.
El Salvador’s Bitcoin Office says the country now holds 5,750 BTC worth about $373 million at time of writing.
Using the power of the nation’s Tecapa volcano, the administration of pro-crypto President Nayib Bukele – who is currently serving his second term as the nation’s leader – installed 300 processors to mine BTC, according to the report.
The report further finds that the power plant devotes 1.5 megawatts out of the 102 it produces to mining the top crypto asset by market cap.
In December, it was announced that El Salvador’s “Volcano Bonds” – or the world’s first-ever Bitcoin bonds – were approved by regulators. The bonds were originally slated to be launched in early 2022 but were delayed due to the price of BTC crashing at the time.
Also in December, Bukele declared that El Salvador has no intention of selling BTC even though it was rising in price at the time.
Bitcoin is trading for $64,929 at time of writing, a 5.74% increase during the last 24 hours.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jorm S