Tether, the renowned company behind the popular stablecoin tether (USDT), has made a significant move in the world of Bitcoin mining. As per the blog post, the company will be participating in the establishment of a groundbreaking renewable energy initiative in El Salvador.
Acting as an equity investor and advisor, the company aims to bring its expertise in energy, hardware, and communications to the project.
Yesterday, as reported by TronWeekly, the ambitious endeavor, named “Volcano Energy,” involves the construction of a 241 MW renewable energy generation park in the Metapán region of El Salvador.
By combining solar and wind projects within the volcanic area, Tether envisions the development of one of the largest Bitcoin Mining Farms worldwide.
El Salvador, known for its significant geothermal energy production, is an ideal location for this innovative venture.
The total commitment for the project is an impressive $1 billion, with an initial investment of $250 million. The anticipated hashrate of the mining park is expected to exceed 1.3EH/s, an astonishing computational power milestone.
Tether’s Commitment to Sustainable Bitcoin Mining
However, Tether’s involvement signifies its ongoing mission to invest in renewable energy sources, supporting the sustainable mining of Bitcoin.
Paolo Ardoino, the Chief Technology Officer at Tether, expressed excitement about the initiative, stating:
We are excited to be among the initial pioneers of renewable energy in El Salvador as an equity investor and advisor.” Ardoino emphasized the significance of Volcano Energy and Tether’s commitment to diversifying their strategic ecosystem.
Josue Lopez, CEO of Volcano Energy, believes that this investment will contribute to the future resiliency of Bitcoin. Lopez expects the current 52% sustainable Bitcoin mining rate to increase substantially in the coming years, with assets like Volcano Energy playing a crucial role. He sees this initiative as a testament to El Salvador’s emerging position in the global tech environment.
Max Keiser, Chairman of Volcano Energy, praised the partnership between Tether and El Salvador. He declared:
El Salvador has the volcanoes, natural resources, the talent, and now the expertise and support of Tether to be a Bitcoin mining powerhouse. Bitcoin Country will now also be known as Bitcoin mining country.
However, with this bold step into renewable energy and Bitcoin mining, the company aims to become a leading provider and investor in global renewable energy and mining infrastructure.
Additionally, through strategic investments like Volcano Energy, the company strives to shape the future of both renewable energy and the Bitcoin industry.