According to Reuters, El Salvador has utilized the geothermal energy from the Tecapa volcano to mine 473.5 Bitcoin (BTC) over the past three years. With Bitcoin’s current price, this has led to a value increase of approximately $29 million. The country’s total Bitcoin holdings now stand at 5,750 BTC, equivalent to nearly $354 million, as per data from the Bitcoin Office, a government-run agency.
El Salvador’s approach to Bitcoin mining is notable for its environmental friendliness, contrasting with the energy-intensive methods often criticized for their ecological impact.
President Nayib Bukele, a vocal advocate for Bitcoin, has been actively promoting its adoption in El Salvador since it was declared legal tender in 2021.
In November 2022, Bukele initiated a national Dollar-Cost Averaging (DCA) strategy, with the goal of purchasing one Bitcoin daily. This strategy has reportedly resulted in unrealized profits of over 43% on their Bitcoin holdings, according to data from the Nayib Bukele Portfolio Tracker.
Additionally, El Salvador has taken strides towards Bitcoin transparency. Recently, the Bitcoin Office unveiled a new platform that enables anyone to access the country’s Bitcoin investment data via a personalized mempool.
May 2024, Cryptoniteuae
