El Salvador Is Sitting On A Gold Mine

El Salvador caught the headlines a few years back when they started to build out the infrastructure for building bitcoin mining farms. But like we all know unless you have free or very low cost power and the nearly latest crypto miners you're just not really making profit these days.

You see even if you could get your hands on the latest and greatest bitcoin miner that sucks up a whopping 11,180 watts of power the Antminer S21e XP Hyd 3U producing a whopping 860 THs. you're profit each day of pure mining with no electric cost would only be $49.72/day. Throw in a $0.07 KWh (which is very low btw and about half of what normal people pay for power these days at least in the USA. and your profits shrink down to just $30.94. Throw in let's say a normal rate of $0.13 KWh and now you're down to profiting just $14.84 on a machine that cost you $14,000+ a break even of a little over two and a half years of constant running on that machine AND and a big AND if mining difficulty doesn't increase in that time frame which trust me it will.

This is why it seems like El Salvador and others are now instead just outright buying bitcoin. In a recent move El Salvador bought another 12 bitcoin to add to its stockpile of now 6,068 or roughly $594,000,000 a rather decent chunk of money for a government honestly.