El Salvador and his Bitcoin experiment
Date: 2024-05-15 Author: Henry Casey Categories: IN WORLD
Media are reporting El Salvador's first successes in Bitcoin mining using geothermal energy, confirming the country's commitment to innovative methods of cryptocurrency mining.
The idea of mining based on volcanoes
President Nayib Bukele floated the idea of using geothermal energy to mine Bitcoin, commissioning LaGeo to develop the project. The solution was implemented through the placement of installations at a power plant near the Tecapa volcano.
Although the project caused some resistance from environmentalists, who pointed out its high cost and the need for large volumes of water, it continued its development.
Successful production and economic impact
Over the three years of operation of the center at the Tecapa volcano, 473.5 BTC were mined, which at the current exchange rate is $29.3 million. The project became a demonstration of the effectiveness of using geothermal energy in Bitcoin mining.
Investments in Bitcoin and geothermal energy open up new opportunities for El Salvador's development, demonstrating its commitment to technological innovation and environmental sustainability.
