Posted by Xoken.org – El Salvador managed to mine up to 473.5 pieces of bitcoin in the last three years. Referring to the current exchange rate, El Salvador’s bitcoin savings currently reach US$354 million.
According to Reuters, the “Bitcoin Office”, an official government entity, reported that the government treasury now holds 5,750 bitcoins.
Data released on Tuesday (14/5) shows that an additional 473.5 bitcoins worth around US$29 million were collected since September 2021.
In 2021, El Salvador became the first country to recognize bitcoin as legal tender.
This decision was heavily criticized due to the volatile value of cryptocurrencies. The International Monetary Fund (IMF) also criticized the decision of the President of El Salvador, Nayib Bukele, to legalize the use of bitcoin.
Bukele’s government has installed 300 processors to mine bitcoin. Of the 102 megawatts (MW) produced by the state-owned power plant, 1.5 MW is devoted to cryptocurrency mining.
Several bitcoin mining companies such as Foundry USA, Ant pool, ViaBTC, F2Pool, and Binance Pool pooled their resources to be active in bitcoin transactions in the last three years.
The crypto mining process requires large amounts of energy for computing and cooling data processing centers.
In many countries, cryptocurrency mining activities are increasingly under scrutiny because their operations consume electricity. Their activities are also considered to have a significant impact on the electricity grid and carbon emissions situs togel.