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20 May 2024
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El Salvador Mines $29 Million in Bitcoin with Volcano Energy

El Salvador Mines $29 Million in Bitcoin with Volcano Energy

  • El Salvador has steadily grown its Bitcoin holdings, mining nearly 474 BTC.
  • El Salvador holds around $356 million in Bitcoin reserves.

El Salvador continues to solidify its position as a leading Bitcoin-centric nation, showcasing impressive strides in both Bitcoin mining and green energy initiatives. Recent reports indicate that the country has significantly bolstered its Bitcoin reserves, with the latest figures revealing a substantial increase.

According to records, El Salvador has mined nearly 474 Bitcoins, a testament to its proactive engagement in the Bitcoin mining spree. Notably, the nation has implemented a forward-thinking strategy by harnessing the power of a volcano-powered geothermal plant for its energy needs, marking a remarkable shift towards sustainable Bitcoin mining practices.

El Salvador’s Increasing Stands on Bitcoin (BTC)

El Salvador has reached another significant milestone in its crypto journey, with the government reporting a notable increase in its Bitcoin holdings. The official Bitcoin Office confirms that government coffers now boast 5,750 Bitcoins, showcasing a steady accumulation of the cryptocurrency.

El Salvador Bitcoin Holding (Source: Nayibtracker)

The recent additions, totaling 473.5 Bitcoins and valued at approximately $29 million since September 2021, underscore El Salvador’s commitment to bolstering its BTC reserves. Currently, the country’s crypto reserves are valued at approximately $356 million (at current price), reflecting a substantial accumulation of wealth through Bitcoin.

It’s worth noting that El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender, alongside the U.S. dollar. Despite facing criticism, including from entities like the International Monetary Fund (IMF), for its embrace of the volatile cryptocurrency, El Salvador continues to forge ahead with its pioneering initiatives in the digital currency landscape.

At the time of writing, BTC is exchanging hands at $61,903, with a market cap exceeding $1.21 trillion. In the last 24 hours, BTC experienced a slight decrease of 1.24% in its price.

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