El Salvador mined over 474 Bitcoins, expanding its crypto stash

According to a recent report by El Salvador’s official government organization, its coffers presently contain 5,750 Bitcoins. El Salvador has mined nearly 474 Bitcoins for the past three years, and the credit goes to its geothermal powerhouse, which uses volcanoes as fuel. Touted as a green alternative to Bitcoin accumulation, Tecapa volcano operates independently of any central bank.

The current El Salvador administration, which is a strong proponent of Bitcoin, has installed 300 processors for Bitcoin mining from the Tecapa volcano. The El Salvador government-owned powerhouse produces 1.5 MW for cryptocurrency mining. It is a well-known fact that cryptocurrency mining demands huge amounts of energy for computing and data centers. Crypto miners were subjected to increased scrutiny for operations involving huge electricity consumption in many other world countries, and the situation in El Salvador is totally different. 

El Salvador made headlines in 2021 as the first country to accept Bitcoin as legal tender, and the current El Salvador regime’s Bitcoin viewpoint received criticism for its inclination toward volatile cryptocurrency.

According to the information available from El Salvador government authorities, crypto miners, including Foundry USA, ViaBTC, Ant Pool, F2Pool, and Binance Pool expressed interest in their project. 

With the recent addition, the El Salvadoran government has amassed 5750 Bitcoins in total, which are valued at approximately $354 million. Organizations like the IMF had criticized the El Salvador government’s move to approve Bitcoin as a legal tender. El Salvador is known as a Bitcoin-focused country, and they are keen on increasing Bitcoin holdings. The Bitcoin mining gala witnessed El Salvador’s active participation, and they led green energy action plans for Bitcoin mining operations from the front.

A volcano-empowered geothermal powerhouse serves as its source of energy, and El Salvador is moving towards achieving another marvelous cryptocurrency milestone. El Salvador is rapidly increasing its Bitcoin holdings, propelling the cryptocurrency market to unprecedented heights of prominence. Recent reports highlighted El Salvador’s new initiatives and revealed critical details. El Salvador has established its own Bitcoin office to ensure its operations align with the latest updates.

The new move by the El Salvador government is a very big step as far as green mining endeavors are concerned. The current president of El Salvador is an active proponent of the cryptocurrency movement. El Salvador is on the brink of altered perspectives on cryptocurrency, and they reaffirm that Bitcoin is going to stay here for a long time. 

Bitcoin mining involves using mining devices and software to find an effective solution to a typical cryptography issue. The process consumes huge amounts of energy. The Bitcoin network’s mining process confirms financial transactions in the crypto ecosystem, and those who win the competition are rewarded with lucrative benefits.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

Related Articles

Back to top button