El Salvador has utilized its volcano-fueled geothermal power plant to mine nearly 474 Bitcoin since 2021, as per official data released on Tuesday.
This has boosted the government’s total bitcoin portfolio to nearly $354 million at current prices. The country’s Bitcoin Office, an official government entity, reports that government coffers now hold 5,750 bitcoins.
$29 Million Bitcoin Mined Via Tecapa Volcano
Since September 2021, 473.5 bitcoins worth $29 million were powered by a small amount of geothermal energy generated by the country’s Tecapa volcano.
President Nayib Bukele’s administration, known for its enthusiasm for BTC, has installed 300 processors to “mine” bitcoins from the volcano.
Additionally, 1.5 MW is devoted to cryptocurrency mining, of the 102 megawatts (MW) produced by the state-owned power plant that performs complex math equations to secure cryptocurrencies.
However, cryptocurrency miners have faced increased scrutiny worldwide for their energy-intensive operations and impact on power grids and carbon emissions.
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender alongside the U.S. dollar, which sparked criticism from entities such as the International Monetary Fund (IMF).
Additionally, cryptocurrency miners Foundry USA, Ant pool, ViaBTC, F2Pool, and Binance Pool combined their resources to verify the last three years of Bitcoin transactions originating from the power plant, as confirmed by the government Bitcoin Office.
Trader Hits Jackpot With Staggering $30 Million Profit!
In recent news, a Bitcoin trader made millions of dollars in profit after holding onto his assets for approximately 13 years. The trader, who had been holding onto the assets since 2011.
Moreover, it recently moved over $30,000,000 worth of BTC, which it had acquired when the price was at $2 and sold when it reached $61,000.
This underscores the potential for substantial gains in the crypto space for long-term investors. Additionally, there have been other instances of significant profits in the crypto space, with one notable case being the activation of a dormant BTC address after 10 years, resulting in a $40 million sale.
In this case, the owner had purchased 687.33 BTC for $630K when the price of BTC was $917 in 2014, and later sold it for $63k, realizing significant profits.
