Mining with volcanic energy!
If we talk about the countries with the rise of cryptocurrency in recent years, many people will definitely think of a small Central American country-El Salvador. After the current president Nayib Bukele took office in 2021, the country will In September, Bitcoin was officially used as the national legal tender, causing quite a shock around the world at the time.
In the next three years, El Salvador continued to purchase Bitcoin, but did you know? El Salvador's Bitcoin journey is not just as simple as "keep buying". The country also combines the advantages of geographical location and natural resources, using natural energy "geothermal" to conduct Bitcoin mining activities.
474 Bitcoins mined in 3 years
The reason why natural energy mining is possible is that the country is known as the "Land of Volcanoes". 70% of El Salvador's land is lava plateaus and mountains. There are as many as 25 volcanoes in the territory. Geothermal energy has always been important to El Salvador. One of the sources of electricity generation.
The current President Bugele took this advantage and started setting up mines near the volcanic power plant after taking office in 2021. It is said that about 1% of the electricity produced by the country’s power plants is used for mining, and nearly 300 mining machines are installed at the Tekapa Volcano state-owned power plant alone.
According to statistics, El Salvador has successfully mined approximately 473.5 Bitcoins in the past three years so far, worth approximately US$29 million, which is equivalent to nearly NT$930 million.
transparency and openness
At the same time, the El Salvador government is also working towards high transparency. The country’s Bitcoin Office has just launched a new platform, allowing citizens to view real-time changes in the country’s Bitcoin holdings and investment data through a personalized memory pool.
Starting in November 2022, Bugele has implemented the "National Cost Average (DCA)" with the goal of purchasing 1 Bitcoin per day. So far, this strategy has made El Salvador's Bitcoin unrealized profits exceed 43%. The number of Bitcoins currently held is as high as 5,750, worth nearly US$354 million, equivalent to approximately NT$11.4 billion.
This article is reproduced in cooperation with: CryptoCity
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