Geothermal Energy Powers Bitcoin Mining Operations Around the World
Geothermal energy is proving to be an attractive solution for Bitcoin mining operations around the world. According to a recent report, geothermal plants can deliver 24/7 baseload power at costs as low as $0.02 to $0.04 per kilowatt hour, significantly undercutting grid rates in most jurisdictions.
As of 2024, Iceland dedicated approximately 120 megawatts of renewable energy capacity to Bitcoin mining operations, contributing around 1.3% of the global network's hashrate capacity. This makes it one of the highest per-capita concentrations of mining capacity worldwide.
El Salvador has also made significant strides in geothermal mining, launching the Lava Pool in partnership with Volcano Energy and Luxor Technology. The country is tapping into volcanic geothermal reservoirs directly to mine Bitcoin, offering a reliable source of energy that does not rely on weather conditions.
Magma Power, a Tampa-based geothermal technology firm, holds 14 patents for extracting energy from underground magma reservoirs. According to the company's projections, a single 50-megawatt geothermal well can generate approximately $52 million in annual EBITDA.