El Salvador Mines 474 BTC in 3 Years

Since 2021, El Salvador has produced 473.5 BTC, valued at approximately $29 million, through a state-owned geothermal power plant utilizing volcanic energy, according to Reuters.

The country’s National Bitcoin Office has introduced a real-time monitor in the Bitcoin mempool, allowing the public to track the balance of cryptocurrency in the state treasury.

As of now, the government holds around 5,748 BTC, valued at $352.3 million. El Salvador commenced test mining of Bitcoin in October 2021, shortly after the law recognizing Bitcoin as legal tender took effect. In June 2023, authorities announced the 241 MW Volcano Energy project, aimed at using renewable energy sources for Bitcoin mining.

The total cost of the project is projected at $1 billion, with the state holding a 23% stake. Tether, the issuer of the stablecoin USDT, participated in the first round of financing with an investment of $250 million, though it did not disclose its equity share.