4 months ago
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El Salvador enhances Bitcoin reserves through volcano-powered mining.
El Salvador has mined 473.5 Bitcoin (BTC) over the past three years using the geothermal power of the Tecapa volcano, Reuters reported today.
Based on Bitcoin’s current price, this amount has translated into a $29 million increase in value. The nation’s total Bitcoin holdings now reach 5,750 bitcoins, equivalent to nearly $354 million, according to data from the Bitcoin Office, an El Salvador government-owned agency.
El Salvador’s mining initiative places the country at the forefront of eco-friendly crypto mining, a stark contrast to the energy-intensive methods typically scrutinized for their environmental impact.
President Nayib Bukele, a vocal Bitcoin supporter, has been driving El Salvador’s Bitcoin adoption since it became legal tender in 2021.
In November 2022, Bukele implemented a national Dollar-Cost Averaging (DCA) strategy, aiming to buy one Bitcoin daily. This strategy has resulted in unrealized profits exceeding 43% on their Bitcoin holdings, according to data from Nayib Bukele Portfolio Tracker.
El Salvador also took another step towards Bitcoin transparency. Yesterday, the Bitcoin Office announced the country’s new platform that allows anyone to view its Bitcoin investment data through a personalized mempool.
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