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Home»ADOPTION NEWS»El Salvador brings total BTC to 5,750
ADOPTION NEWS

El Salvador brings total BTC to 5,750

By Crypto FlexsMay 16, 20242 Mins Read
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El Salvador brings total BTC to 5,750
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Posted 1 minute ago In ~

El Salvador has mined 474 bitcoins since 2021 using geothermal power fueled by the Tecapa volcano.

The mined coins brought the country’s total Bitcoin holdings to 5,750, worth about $380 million at current prices, Reuters reported.

Naib BukeleEl Salvador’s pro-Bitcoin BTC

+6.77%
The president, who was elected to a second term in February 2024, implemented 300 new processors powered by volcanic geothermal energy. However, of the 102 megawatts of government-run power plants, 1.5 megawatts, or 1.47%, are used for Bitcoin mining.

In June 2021, El Salvador became the first country in the world to recognize Bitcoin as legal tender. However, despite the government’s push, day-to-day cryptocurrency usage remained low in the following years.

According to The Block Price, Bitcoin was trading at $65,967 at 3:38 PM (ETC 19:38 UTC) on May 15, after rising 7.13% over the past 24 hours. The coin recorded a trading volume of $27.1 billion over the past day.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.

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