Stablecoin issuer Tether has joined a green energy project in El Salvador that aims to invest $1 billion in building a 241 MW generation park called "Volcano Energy" in Metapán.
Stablecoin Issuer Tether Invests in Bitcoin Mining Project in El Salvador
Stablecoin issuer Tether has joined a green energy project in El Salvador that aims to invest $1 billion in building a 241 MW generation park called "Volcano Energy" in Metapán. The project will combine solar and wind power sources within the volcanic region of the country to create one of the largest Bitcoin mining farms in the world. The farm will have an initial computing power of more than 1.3 EH/s, which means it can perform more than one quintillion calculations per second.
The project is part of El Salvador's efforts to become a global leader in renewable energy production and Bitcoin adoption. The country has the highest level of geothermal energy production in Central America and recently became the first nation to make Bitcoin legal tender. Tether said it is excited to be among the first investors and advisors of the project and to support El Salvador's vision of innovation and sustainability.
"Volcano Energy" is also a response to the criticism that Bitcoin mining is wasteful and harmful to the environment. According to Tether, more than half of Bitcoin mining is done using renewable energy sources and this percentage will increase significantly in the future through investments like theirs.
