El Salvador's Bitcoin Holdings Stand at $373 Million - Latest Global News

El Salvador’s Bitcoin Holdings Stand at $373 Million

El Salvador could hold up to 5,750 BTC, according to a report from the country’s “Bitcoin Office,” a government agency that oversees all Bitcoin-related projects.

Since 2021, the country has mined almost 474 BTC by using the geothermal energy generated by the Tecapa volcano. Official data shared by the powerhouse with Reuters shows the government’s Bitcoin holdings stood at over $354 million, but the recent appreciation pushed that amount to $373 million.

President Nayib Bukele has expressed his unwavering commitment to cryptocurrency. declares that he has no intention of selling the country’s huge Bitcoin holdings. The Bukele government has reportedly installed 300 processors to mine Bitcoins using the volcano’s geothermal energy. He wrote:

When the market price of #Bitcoin was low, they wrote literally thousands of articles about our supposed losses. Now that the market price of #Bitcoin has increased significantly, we would make a profit of over 40% if we sold it. […]

Of course we won’t sell; in the end, 1 BTC = 1 BTC (this was true when the market price was low, and it is true now); But it is very telling that the authors of these hit articles, the “analysts,” the “experts,” the “journalists,” are now completely silent.

As ReadWrite reported in mid-March, El Salvador’s Bitcoin holdings were high at the time, with an unrealized gain of $84 million, with the Treasury’s value at over 69% due to Bitcoin’s 250% appreciation over the past year $206 million rose. The country has also been working on its Bitcoin-backed “Volcano Bonds,” which cleared a major regulatory hurdle in late 2023.

Much power

The state-owned geothermal power plant dedicates 1.5 megawatts (MW) of its 102 MW output to cryptocurrency mining. Daniel Álvarez, president of the Rio Lempa Hydroelectric Executive Commission, which oversees the power plant, emphasized the sustainability of their mining operations back in 2021:

We do not spend resources that pollute the environment, we do not rely on oil, we do not rely on natural gas, we do not rely on any resource that is not renewable.

While El Salvador enjoys supportive government policies under President Bukele, the country still imports about a fifth to a quarter of its electricity. The remaining electricity production is divided between hydroelectric, geothermal and fossil fuel power plants. Notably, geothermal energy accounts for about a quarter of the country’s energy thanks to its 20 active volcanoes.

In an industry that relies heavily on polluting coal-fired power plants, the Salvadoran government is promoting the use of clean, renewable energy for local Bitcoin mining. With 300 computers powered by geothermal turbines, El Salvador is setting an example of sustainable cryptocurrency mining practices.

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