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Haider Jamal

May 15, 2024

Geothermal Energy Investment Pays Off For El Salvador As The Country Mines Over 470 BTC

El Salvador has extracted 473.5 Bitcoin (BTC) in the past three years by harnessing the geothermal power of the Tecapa volcano, as reported by Reuters earlier today. With the current price of Bitcoin, this translates to a $29 million surge in value.

 

Advocating For Bitcoin

The nation now holds a total of 5,750 BTC, equivalent to nearly $354 million, according to data by the Bitcoin Office, a government-owned agency. The mining endeavors in El Salvador position it as a leader in environmentally friendly crypto mining, which stands in stark contrast to the energy-intensive methods often criticized for their ecological impact.

President Nayib Bukele, a vocal advocate of Bitcoin, has been spearheading local adoption of the cryptocurrency since it was recognized as legal tender in 2021. He mainly legalized Bitcoin in El Salvador to promote financial inclusion, attract investment, and foster innovation in the domestic economy.

 

A Smart Investment

In November 2022, Bukele introduced a national Dollar-Cost Averaging (DCA) strategy, aiming to purchase one Bitcoin daily. This approach has yielded unrealized profits exceeding 43% on their Bitcoin holdings, according to data by the Nayib Bukele Portfolio Tracker.

In addition, El Salvador has also taken a further step towards Bitcoin transparency. The Bitcoin Office unveiled a brand new platform yesterday that can be utilized by all El Salvador citizens, enabling anyone to access its Bitcoin investment data via a personalized mempool.

 

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