El Salvador Mined IDR 463 Billion in Bitcoin Using Energy from Volcanoes

Liputan6.com, Jakarta – El Salvador has mined a total of 474 Bitcoins worth USD 29 million or approximately IDR 463 billion (estimated exchange rate of rupiah 15,968 per US dollar) using geothermal energy from volcanic mountains since 2021.

These Bitcoins are mined with power from the Tecapa volcano, using 300 mining processors. The country has allocated 1.5 megawatts (MW) of electricity for cryptocurrency mining out of a total of 102 MW produced by state-owned power plants.

Quoted from cointelegraphThursday (16/5/2024), amidst increasing scrutiny of BTC mining's dependence on electricity and fossil fuels, El Salvador has emerged as a pioneer in renewable energy mining.

In 2021, El Salvador made history by becoming the first country to adopt Bitcoin as legal tender alongside the United States (US) dollar. Since then, the government has adopted several Bitcoin-focused policies, including setting up geothermal power plants to mine BTC.

El Salvador now holds a total of 5,750 BTC worth around USD 354 million.

Since 2021, global organizations such as the World Bank and others have strongly criticized the Central American country for adopting Bitcoin.

Market bearish from 2022 to 2023 increased scrutiny, with many questioning the actions of El Salvador President Nayib Bukele. However, Bukele doubled down on his Bitcoin bet by announcing that the country would buy one BTC every day.

Bukele easily won El Salvador's 2024 presidential election with widespread support nationwide.