Bitcoin Mining: How did this small country mine billions of bitcoins from a volcano?

Bitcoin has been in the news since the beginning of this year. First the approval of Bitcoin ETF in America, then the prices reaching new record high levels kept Bitcoin continuously in the headlines. Now Bitcoin is in the news again and this time the reason is also very interesting.

Actually, the Central American country El Salvador has mined billions worth of Bitcoin during the last few years. Interesting that this small country has taken the help of volcano in mining Bitcoin. The manner in which Bitcoin has been mined makes this entire episode most interesting. The government treasury of El Salvador has also benefited a lot from this.

Official recognition in this country

El Salvador is the only country in the world where Bitcoin is officially recognized. El Salvador President Nayib Bukele likes Bitcoin. He gave official recognition to Bitcoin in his first term itself. His second term has started from this year. Bukele's El Salvador government has also worked on measures to promote bitcoin mining in the country. A government department called office has been created. Bitcoin Office says that after the new bitcoins found in mining, now 5,750 bitcoins have been deposited in the country's treasury. So far, 474 new bitcoins have been included in the treasury in the mining that started in the year 2021. In this way, the total value of Bitcoin in the treasury has become equal to approximately 354 million dollars.

What is Bitcoin Mining?

Actually, Bitcoin is a cryptocurrency based on blockchain technology. In blockchain technology, new blocks are created as units, whose endless chain runs. As this chain grows, new units of Bitcoin are created. This entire process is called Bitcoin mining. This work requires heavy computing/processing capacity, which consumes a huge amount of electricity.

Help of volcano was taken in this way

Government of El Salvador Installed 300 heavy processors in the country for mining Bitcoin in the country. The electricity used to run these processors is generated from the energy of the active volcano Tecapa. Mining Bitcoins using the electricity generated by using geothermal energy generated from volcanoes, on the one hand, used green energy without causing pollution, and on the other hand, valuable new Bitcoins were deposited in the country's treasury.

Also read: Earnings will come from this telecom stock, there may be more than 20 percent rise after the elections

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