El Salvador has mined almost 500 bitcoins since 2021 through its mining farm powered by geothermal energy, official data from Nayib Bukele's government revealed on Tuesday, May 14. As reported, some 473.5 BTC, valued at USD 29 million based on the current price, They have been mined since September 2021, date on which El Salvador became the first country in the world to legally adopt bitcoin. In detail, these BTC were mined on the farm powered by geothermal energy generated by the Tecapa volcano. This is the Berlin Geothermal Power Plant, installed by the Bukele government with at least 300 ASIC devices, as BitcoinDynamic was able to verify in 2021.
At the Berlin Geothermal Power Plant, the Bukele government installed a Bitcoin mining farm. Source: BitcoinDynamic. The more than 470 BTC mined by El Salvador add to the reserves of the Central American country, where there are currently at least 5,700 bitcoin, according to on-chain data. In this way, it is confirmed that the mining activities of El Salvador They are contributing to the nation's coffers.
The mining farm installed at the Berlin Geothermal Power Plant It was a milestone for the Bitcoin ecosystem, considering that a State collaborated directly with the mining project, instead of opposing it and trying to regulate it, as has happened in other countries. In the end, it was a state policy of the Bukele government. However, despite the principles of Bitcoin, mining activity at the Berlin Geothermal Power Plant is centralized. The Bukele government is the only entity that It has access to thermal springs that are used to generate electrical energy.
Therefore, if an independent Bitcoin miner wants to obtain this energy, they must first go through a bureaucratic process to be authorized. Although it is a revocable permit if the government so decides. Whatever it may be, the mining farm powered by geothermal energy is a sign of the progress of the Salvadoran State in its adoption of BTC and in the mining industry, which can bring economic benefits to that nation. As indicated by Pierre Rochard, vice president of the mining company Riot, Bitcoin mining will create more economic growth for El Salvador. This, because in addition to strengthening the nation's reserves, it will have a positive impact on the energy sector, since there will be more mining companies that they can contribute to the national electrical grid.