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El Salvador’s ‘Bitcoin Office’ reports that a volcano-based geothermal system has mined 474 BTC in three years

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El Salvador’s National Bitcoin Office reports that its volcano-based geothermal system has mined nearly 474 BTC over the past three years.

According to a new report from Reuters, the Central American nation, which became the first country in the world to make Bitcoin legal tender in 2021, has since extracted around $30 million from the crypto king using a power plant powered by a volcano.

El Salvador’s Bitcoin Office states that the country now holds 5,750 BTC worth around $373 million at the time of writing.

Using the power of the country’s Tecapa volcano, the administration of pro-cryptocurrency President Nayib Bukele, who is currently serving his second term as the country’s leader, has installed 300 processors to mine BTC, according to the report.

The report also concludes that the plant dedicates 1.5 megawatts of the 102 it produces to mining the leading crypto asset by market capitalization.

In December, it was announced that regulators approved El Salvador’s “Volcano Bonds,” or the world’s first Bitcoin bonds. The titles were originally scheduled to be released in early 2022, but were delayed due to the drop in the price of BTC at the time.

Also in December, Bukele stated that El Salvador has no intention of selling BTC, although its price was rising at the time.

Bitcoin is trading at $64,929 at the time of writing, an increase of 5.74% in the last 24 hours.

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