In addition to declaring bitcoin as the country’s legal tender, El Salvador has begun a process of cryptoasset mining. According to a recent announcement by Salvadoran President Nayib Bukele, geothermal energy will be used to maintain a farm with mining equipment.
Through a volcano, El Salvador creates sustainable energy capable of powering equipment used for cryptoassets mining. As a result, just in the first few days, the country managed to mine about US$ 500 worth of Bitcoin.
As recently as June 2021, Bukele released a video of the geothermal power plant in El Salvador. In the Twitter post, the president said that a team of engineers was designing the mining activity.
Bukele claims that a new geothermal well has been found and that it would be used for bitcoin mining activity. With a production capacity of 95 MegaWatts (MW), the new well can provide power for about 52,000 households.
“Our engineers have just informed me that they have dug a new well, which will provide approximately 95 MW of geothermal energy, 100% clean, and zero-emission from our volcanoes. Starting to design a complete #Bitcoin mining center around it”, Bukele informed.
With activity beginning on September 29, 2021, mining reached half a million satoshis, or still, 0.01083155 BTC in just two days. Until then, this fraction was worth about US$ 486.
But with bitcoin’s appreciation in recent days, El Salvador’s first mining profit has increased. Now, the fraction of 0.01083155 BTC is equivalent to US$ 591, with BTC being quoted above US$ 55,000.