El Salvador Mined 474 BTCs Since 2021, Government Now Holds 5,750 BTCs

Bitcoin Mining El Salvador Geothermal Power
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Sujha Sundararajan
Author Categories
About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

El Salvador, which became the first nation to use Bitcoin (BTC) as legal tender, could easily hold 5,750 Bitcoins, per “Bitcoin Office” report. The national Bitcoin Office is a government entity aimed at managing all projects related to the cryptocurrency.

Per a Reuters report, the nation mined nearly 474 Bitcoins since 2021 using geothermal power fueled from the Tecapa volcano.

The power plant’s official data released Tuesday, noted that the government holdings accounts to over $354 million at current prices. With the BTC wealth pool, the nation launched a Website on Tuesday for tracking its Bitcoin Treasury.

The nation’s current Bitcoin holdings and the launch of a memepool website, signifies that El Salvador might eventually become one of the wealthiest countries in the world.

Interestingly, President Bukele also stated that he has no plans to sell the country’s vast Bitcoin holdings. Bukele’s administration has installed 300 processors to mine Bitcoins from the volcano, the report added.

El Salvador’s Bitcoin Mining From Geothermal Power

The geothermal state-owned power plant devotes 1.5 megawatts (MW) to cryptocurrency mining, out of its 102 MW produced.

“We don’t spend resources that contaminate the environment, we don’t depend on oil, we don’t depend on natural gas, on any resource that isn’t renewable,” Daniel Álvarez, president of the Rio Lempa Hydroelectric Executive Commission, which oversees the plant, told AP News back in 2021.

Bitcoin mining in El Salvador would appear to have a supportive government in Bukele. However, when it comes to cheap electricity, the nation imports about one-fifth to one-quarter of its electricity. The rest of the electricity production is divided among hydroelectric, geothermal and plants fired by fossil fuels.

Among those, geothermal accounts for about a quarter of the country’s energy, given that El Salvador has 20 active volcanoes.

According to a 2021 report, the energy produced from the geothermal turbines source about 300 computers. Bitcoins are “mined” using computers that solve complex mathematical problems and require a large amount of electricity to operate.

In an industry that still relies heavily on polluting coal-fired power plants, the Salvadoran government is touting the use of clean energy for local mining.

More Articles

Blockchain News
Bybit, Bitget, MEXC, Kucoin Apps ‘Removed from Japanese App Store’
Tim Alper
Tim Alper
2025-02-06 23:30:00
Price Analysis
Shiba Inu Whale Moves 1.23 Trillion SHIB – Massive Rally Starting? 
Trent Alan
Trent Alan
2025-02-06 22:37:02
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors