El Salvador’s National Bitcoin Office has announced that its geothermal system, powered by a volcano, has successfully mined nearly 474 BTC over the past three years. This makes El Salvador the first country in the world to mine Bitcoin using volcanic energy. The total value of the mined cryptocurrency is estimated at around $30 million.

According to Reuters, the country now holds 5,750 BTC, equivalent to approximately $373 million at the current market value. This achievement is attributed to the efforts of President Nayib Bukele, a strong advocate for cryptocurrency adoption, who installed 300 processors at the Tecapa volcano to facilitate the mining process.

The power plant, which generates 102 megawatts, devotes 1.5 megawatts specifically to Bitcoin mining. The success of this initiative prompted the approval of El Salvador’s “Volcano Bonds” in December, making them the world’s first-ever Bitcoin bonds. However, the launch of these bonds was delayed due to the sudden crash in Bitcoin’s price at the time.

Despite the increasing value of Bitcoin, President Bukele has confirmed that the country has no plans to sell its holdings. As of now, Bitcoin is trading at $64,929, with a 5.74% increase in the past 24 hours.

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