Harnessing Volcanic Energy for Mining!
When it comes to countries that have risen with the emergence of cryptocurrencies in recent years, one small Central American nation immediately comes to mind – El Salvador. After President Nayib Bukele took office, the country officially adopted Bitcoin as its legal tender in September 2021, causing quite a stir worldwide.
In the following three years, El Salvador has continuously purchased Bitcoin. But did you know that El Salvador’s Bitcoin journey is not as simple as just buying? The country has also combined its geographical advantages with its natural resources, using geothermal energy to engage in Bitcoin mining activities.
The ability to mine using natural energy sources is due to El Salvador being known as “The Land of Volcanoes.” 70% of the country’s land is composed of volcanic highlands and mountains, and it is home to a staggering 25 volcanoes. Geothermal energy has always been an important source of electricity in El Salvador.
Taking advantage of this, President Bukele has set up mining farms near volcanic power plants since taking office in 2021. It is said that about 1% of the electricity produced by the country’s power plants is used for mining. The Specialized Magmatic Unit, located near the Tecapa volcano, alone has nearly 300 mining machines.
According to statistics, El Salvador has successfully mined approximately 473.5 Bitcoins as of now in the past three years, with a value of nearly $29 million, equivalent to about 930 million New Taiwan Dollars.
Transparency and Openness
At the same time, the Salvadoran government is also striving for high transparency. The country’s Bitcoin office has recently launched a new platform that allows citizens to view real-time changes in the country’s Bitcoin holdings and investment data through personalized memory pools.
Starting from November 2022, President Bukele has implemented the “Dollar-Cost Averaging (DCA) strategy” with the goal of purchasing 1 Bitcoin per day. This strategy has already resulted in a profit of over 43% for El Salvador’s Bitcoin holdings. The country currently holds a whopping 5,750 Bitcoins, worth nearly $354 million, equivalent to about 11.4 billion New Taiwan Dollars.
Original article source:
Cryptocurrency City