El Salvador’s Bitcoin Holdings Soar, Mining Nearly 474 BTC
In a remarkable display of its dedication to Bitcoin mining and sustainable energy practices, El Salvador has solidified its position as a leading Bitcoin-centric nation. Recent reports reveal a substantial increase in the country’s Bitcoin reserves, highlighting its proactive engagement in the Bitcoin mining spree.
El Salvador has successfully mined nearly 474 Bitcoins, a testament to its forward-thinking strategy. Notably, the nation has harnessed the power of a volcano-powered geothermal plant for its energy needs, marking a significant shift towards sustainable Bitcoin mining practices.
El Salvador’s Commitment to Bitcoin (BTC) Grows
El Salvador has achieved another significant milestone in its crypto journey, reporting a notable increase in its Bitcoin holdings. The official Bitcoin Office confirms that the government now possesses 5,750 Bitcoins, representing a steady accumulation of the cryptocurrency.
The recent additions, totaling 473.5 Bitcoins and valued at approximately $29 million since September 2021, emphasize El Salvador’s commitment to bolstering its BTC reserves. Currently, the country’s crypto reserves are valued at approximately $356 million, reflecting substantial wealth accumulation through Bitcoin.
It is worth noting that El Salvador made history in 2021 as 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 push forward with its pioneering initiatives in the digital currency landscape.
At the time of writing, BTC is valued 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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