Since 2021, when El Salvador initiated the validation of Bitcoin blocks using volcanic energy, the Central American nation has mined 474 BTC, valued at approximately $29.6 million at current market prices.

As per a Reuters report, El Salvador utilized a geothermal power plant powered by the Tecapa volcano in the nation's eastern central area to mine the cryptocurrencies.

Despite the relatively modest energy output from the Tecapa volcano, it fuels 300 mining processors installed by El Salvador's Bitcoin-supportive President Nayib Bukele. The country allocated 1.5 megawatts (MW) out of the 102 MW produced by the power plant for crypto mining.

El Salvador's volcano-driven mining facility offers a sustainable alternative to the energy-intensive operations of other Bitcoin mining ventures, which have faced criticism for their adverse effects on power grids and carbon emissions.

With the addition of the 474 BTC mined since 2021 to the bitcoins El Salvador has purchased, the country now holds 5,750 BTC, valued at approximately $354 million at current market rates.

Interestingly, El Salvador's Bitcoin Office disclosed that various crypto mining entities, including Foundry USA, Ant Pool, ViaBTC, F2Pool, and Binance Pool, collaborated to receive rewards for validating Bitcoin transactions using the geothermal power plant over the past three years.

El Salvador's venture into Bitcoin has proven fruitful since it became the first country to adopt Bitcoin as legal tender in 2021. From utilizing renewable energy sources for mining to launching Bitcoin bonds and introducing a citizenship-by-Bitcoin-investment program.

In mid-March, El Salvador's Bitcoin accumulation strategy bore fruit as BTC surged above $70,000. The country commenced accumulating the digital asset in 2021 and announced in November of the following year that it would purchase one BTC daily. At the time of the announcement, Bitcoin was valued at around $16,000; however, it had surged to approximately $63,000 by the time of writing.

According to CryptoPotato, the country's Bitcoin holdings saw a 55% return on investment, generating unrealized gains of approximately $66 million. Notably, these profits do not account for the nation's entire Bitcoin reserves, as there were assets acquired through additional revenue streams undisclosed to the public.