The volcanic BTC mine is one of the innovative ideas of the state of El Salvador. This investment turned out to be not only a media success, but also a financial one, because the volcanic bitcoin mine had generated as much as USD 29 million in profit by then. Have such geothermal mines also started to be built in other places in the world?
Volcanic BTC mine, i.e. cryptocurrencies and renewable energy
El Salvador is not slowing down, promoting bitcoin adoption on an unprecedented scale. The country led by President Nayib Bukele is constantly increasing its reserves held in BTC. Recently, a website has even been launched where citizens can check in real time the amount of reserves accumulated in Satoshi Nakamoto's cryptocurrency. Another innovative project is the volcanic BTC mine, which has started to bring huge profits. We are talking about the mining of 474 BTC worth approximately USD 29 million. Geothermal energy from the Tecapa volcano was used to mine cryptocurrencies.
Cryptocurrency mining activities using renewable energy are the result of El Salvador's cooperation with mining companies such as Foundry USA, Antpool, ViaBTC, and BinancePool. Of the 102 megawatts produced by the state-owned geothermal plant at the volcano, 1.5 megawatts goes to the mine. President Bukele initiated the installation of 300 excavators to speed up the process.
Are renewable energy-based BTC mines the future?
El Salvador made headlines in 2021 when the president announced the adoption of BTC as legal tender. Despite criticism from the IMF and analysts, Bukele proved the validity of his plan, and the volcanic BTC mine became somewhat of a symbol of an innovative approach to digital assets.
El Salvador's achievements clearly show that the combination of BTC mining and renewable energy sources makes sense and can work perfectly. One of the very often repeated accusations against BTC mining is the negative impact on the natural environment. In the case of solutions such as the volcanic BTC mine, BTC mining is completely environmentally neutral because the energy comes from renewable sources. El Salvador and its approach are therefore an example to the whole world that digital assets and ecology can go hand in hand.
