According to Foresight News, El Salvador has successfully mined nearly 474 Bitcoins since 2021, utilizing geothermal energy provided by the Tecapa Volcano. The country's geothermal power plants generate 102 megawatts of electricity, of which 1.5 megawatts are used for Bitcoin mining.
El Salvador's innovative use of geothermal energy for Bitcoin mining is a significant development in the cryptocurrency industry. The country's successful mining operation demonstrates the potential for renewable energy sources in cryptocurrency mining, a sector often criticized for its high energy consumption.
This development comes as El Salvador continues to embrace cryptocurrency, becoming the first country in the world to make Bitcoin legal tender in September 2021. The country's government believes that the adoption of Bitcoin will attract new businesses, increase financial inclusion, and help drive economic growth.
However, the move has also sparked controversy and criticism, with concerns about the potential for money laundering and financial instability. Despite these challenges, El Salvador's successful use of geothermal energy for Bitcoin mining highlights the potential for renewable energy in the cryptocurrency sector.