El Salvador mines 474 BTC with volcanic geothermal energy
El Salvador has mined a total of 474 bitcoins (BTC) using volcanic geothermal energy since 2021, according to blockchain news outlet Cointelegraph. El Salvador, which became the first country in the world to adopt Bitcoin as a legal tender in 2021, has reportedly mined Bitcoin using 300 mining processors powered by the Tecapa volcano.
China has allocated 1.5 megawatts (MW) of the 102 MW generated by its state-owned power plants to cryptocurrency mining, according to Reuters. Bitcoin mining and fossil fuel use has long been a controversial topic in the cryptocurrency industry. As Bitcoin mining's reliance on electricity and fossil fuels comes under increased scrutiny, El Salvador has emerged as a pioneer in renewable energy mining.
Currently, El Salvador holds a total of 57.5 BTC worth about $354 million. International organizations such as the World Bank have strongly criticized the country, but El Salvadoran President Nave Bukele has doubled down on his country's investment in Bitcoin by announcing that he will buy 1 BTC every day.
