El Salvador Lyrics Bitcoin to Be Free from Fiat Currency

El Salvador, the first country to adopt Bitcoin as legal tender, has reportedly mined 473.5 Bitcoins into its treasury using geothermal energy.

Reporting from Yahoo Finance, Tuesday (21/5/2024), according to reports, official data released by The Bitcoin Office of El Salvador (ONBTC) revealed that this amount of bitcoin was mined since 2021 using 1.5 MW of power from the Tecapai volcanic complex.

Bitcoin is mined by 300 miners at a Berlin geothermal power plant using energy provided by the Tecapa volcanic complex. The cryptocurrency is part of the more than 5,750 BTC that El Salvador currently holds in its public treasury address, which President Nayib Bukele disclosed earlier this year.

Bukele made several comments about the use of geothermal energy, a type of power obtained from steam harvested from reservoirs located beneath the earth to run turbines.

He even posted a video showing the start of operations at a geothermal power plant in Berlin, showing the connections of several bitcoin miners.

Nonetheless, this is one of the first occasions where the Bukele administration offers balance regarding the outcomes of this environmentally friendly mining initiative.

The project is planned to be expanded, considering that only 1.5 MW of the 120 MW produced by the power plant in Berlin is currently used for this purpose.

In 2022, Bukele confirmed the country had made investments to increase the capacity of its geothermal power grid, and revealed they had discovered a well capable of producing 95 MW by 2022.

This may be all the electricity needed to power Bitcoin City, a metropolis the president announced in 2021 that will be powered by green energy.