4M
...
El Salvador continues to strengthen its innovative approach towards cryptocurrencies; it mined around 474 Bitcoins from 2021 with the help of a volcano-powered geothermal plant. According to the government’s “Bitcoin Office,” the total number of Bitcoins now held by the country approximates $354 million. The project is mostly green, as it uses only a small part of the geothermal energy production from the active Tecapa Volcano, confirming sustainable development in the policy of the Bitcoin reserve.
That effort—led by self-styled Bitcoin aficionado President Nayib Bukele—now has 300 miners operating 1.5 MW of the 102 MW generated by the state-owned plant. It’s part of a broader process that the country’s rulers intend to be a tool for leveraging natural resources, even as it draws in biting scrutiny globally for its energy use and environmental impact.
This initiative has now placed El Salvador at the forefront of adopting Bitcoin into its monetary system, considering that the digital currency has finally become legal tender in 2021, alongside the United States dollar. The IMF and other institutions may have pointed out, but El Salvador’s interest and investments in Bitcoin just go to show it is really keen on changing the economic landscape through innovation and sustainable actions.
