Pierre Rochard, Vice President of Research at Riot Platforms, one of the most famous Bitcoin mining companies in the world, based in Texas, said on Saturday 04.05.24, that Bitcoin mining will lead to economic development in El Salvador.

 In a keynote lecture he gave at Don Bosco University to students of CUBO+, a program of the National Bitcoin Office (ONBTC) supported by Plan B Network and Fulgur Ventures that allows Salvadorans to learn about digital currency alongside international experts, Rochard explained that there are several benefits to  countries associated with mining, this is the process in which the most bitcoins are generated.  Students also learned how Bitcoin mining works throughout the value chain and internal processes of the network.

 Rochard also suggested that Salvadoran citizens accumulate bitcoins themselves, as this will allow them to grow in the long term.  Unlike savings with fiat currencies such as the dollar, which suffer from inflation and continually lose their value because of it, Bitcoin assures you that what you buy now will remain the same tomorrow and ten years from now.

 “You have a leader who leads by example by accumulating Bitcoin for the people of El Salvador, but we also have to take responsibility into our own hands and say that in addition to what the government is accumulating for me, I also want to accumulate.  And why?  Because the more long-term savings you have, the more options you will have.  There are a lot of opportunities coming our way all the time, but we don’t always have the capital to do it.”

El Salvador now has its own @mempool space where anyone can check their bitcoin treasury holdings.

mempool

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You may notice how El Salvador ranks within the top countries holding bitcoins. Among the countries and companies ranked 15th is El Salvador, a country that has gained a place in the top rankings in just a short time due to constant purchases of Bitcoins. And will be able to go to a higher level in the future, because Nayeb Buckele is ready to hold more bitcoins.

El Salvador has been buying bitcoins for a long time, so far they hold a large amount of bitcoins, and if they hold more in the future, they will surely reap the maximum benefits. El Salvador is usually one of the largest companies and countries with the highest bitcoin holdings. El Salvador currently benefits from their bitcoins from every bitcoin they have ever collected in the past.

Thus if Naib Bukele collects Bitcoin in the future days then he can definitely participate inside the top countries. The more bitcoins you can collect, the more benefits you will get, the better the sign of them collecting these bitcoins.

Salvadoran Bitcoin Technology Company K1 Grows with Foreign Investment
 The firm, which produces and exports basic Bitcoin ATMs where anyone can top up electronic wallets using the Lightning Network, including the Chivo wallet, received an infusion of capital from foreign investors a few months ago, allowing it to expand its operations. The process of searching for investors ended in November 2023 with the signing of two financial agreements, one for $150K with an American investment fund and another agreement for $110K with a South American investor. Thanks to the acquisition of these funds, K1 was able to expand its team this year and begin work on new ATMs with the goal of releasing about 200 ATMs by the end of 2024 and thus.  Currently, only 70 such ATMs are in operation.

 According to the company's CEO Edgar Borja, since last year its technology has been present in the USA, Japan, Mexico, Colombia, Ecuador, as well as in European countries such as Austria, France, Italy and Switzerland, but most of them are in the USA and in El Salvador.

 He pointed out that although they have a few clients in the territory, the largest orders come from outside the country and they are preparing for this.

 The firm's current products: K1 Mini, which allows you to load wallets with coins only, are priced at $1,200, and K1 Plus, which allows you to load coins and bills, is $1,850.

 “One of the greatest innovations in our technology is that we can now support coins and banknotes from different countries.  Previously we were limited to the currencies of six countries, but since last month we can already accept Guatemalan quetzales, for example,” added the CEO.

At the ATM, you can insert coins and notes of different denominations and different currencies, which are converted into bitcoins and added to your wallet.

 Borja assured that although they strive to serve large markets and compete abroad with their product, but their main goal is to facilitate the adoption of Bitcoin by Salvadorans by offering a space where they can save in small quantities, and thus strengthen the vision of the President  Nayib Bukele, which should cover the entire unbanked population.

 “We are already contributing to financial inclusion.  For example, in a community in a remote area of ​​the country, families who previously had to take a bus and travel an hour and a half to pay for their services.  They now buy Bitcoin from our ATMs, then open apps like Bitrefill and pay from there.  They actually already have netbanking.  There are many other places in El Salvador that are not as developed, but they can use Bitcoin in this way,” he noted.

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I also read this. They already have support with the Bitcoin legalization program. One of them is with thermal energy that is used for mining power. They allocated 1.5 MW devoted to cryptocurrency mining of the 102 megawatts (MW) generated by the state-owned power plant. This means that El Salvador is really serious about Bitcoin. According to the news I read, currently the El Salvador government has collected 5,750 Bitcoins.

About ATM crypto, I read on https://coinatmradar.com/countries/ the number of ATMs installed is about 215 ATMs. I've been monitoring this in recent months, as I've created growth data in local discussions. Only the United States is developing rapidly for now and a few years ago.

Source: https://coinatmradar.com/countries/

Do you think other countries might follow suit in bolstering their Bitcoin holdings?

Yes, the graphics are amazing, because it only took two and a half years for El Salvador to become the 15th largest bitcoin holder in the world. In the not too distant future, the planning carried out consistently by President Nayib Bukele will now be very big. So with this evidence, you could say that Bukele is not a president who is just making nonsense, but he is really proving and realizing his plan to buy 1 bitcoin per day very consistently.

Additionally why India, Japan and France are not in the top 15 of the current list of bitcoin holdings. I think this is because there is no definite accumulation of bitcoin from these countries. In contrast to El Salvador, which clearly buys bitcoin every day and there has been planning from the start to buy bitcoin. Therefore, El Salvador currently has quite a lot of bitcoin and is ranked 15th on the list of largest bitcoin holdings.

Meanwhile, in a country like India, it is true that this country has shocked the world with its citizens who own a lot of bitcoin. For example, like last year

Source: https://pintu.co.id/news/46622-5-negara-pemegang-bitcoin-terbanyak

This figure does not mean that India has that much bitcoin, but the data shows how many of its citizens have bitcoin, that is the number (85.5 million citizens). Because until now I have not heard or read any news that says that India will start buying bitcoin. This is why India is not in the category of largest bitcoin holders, because India does not buy bitcoin like El Salvador. However, in the category of countries that have the most Bitcoin users, perhaps India will be in the top 5 in the world. So the reason Japan and France are not in the top 15 most Bitcoin owners is because they are the same as India.

Well, from CCC to CAA1, there are more than two ladders, Mr. Presidente😉

Let’s not forget when Fitch and Moody’s downgraded El Salvador to a CCC credit rating and all prepaid news outlets were saying that:  “El Salvador was expected to default as Bitcoin plummets.” 
here
And so, President Bukele proved them wrong!

Jack Dorsey-backed Bitcoin mining pool opens headquarters in El Salvador

Launched in late 2024, Ocean Mining has now established an international hub and headquarters in San Salvador, the capital city of El Salvador.
El Salvador is at the forefront of Bitcoin and Bitcoin mining adoption, and we believe Ocean's presence here will help advance these efforts here and create new opportunities in El Salvador and elsewhere.

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