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	A new cryptocurrency mining project is set to launch in El Salvador, as Volcano Energy announced $1 billion in commitments to build a 241-megawatt (MW) Bitcoin mine in the Metapán region.
<blockquote class="twitter-tweet">
Wait is over! The power of <a href="https://twitter.com/Volcano_Energy?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@Volcano_Energy</a> is here <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f30b.png" alt="🌋" class="wp-smiley" style="height: 1em; max-height: 1em;" /><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f50c.png" alt="🔌" class="wp-smiley" style="height: 1em; max-height: 1em;" /><a href="https://twitter.com/hashtag/ElSalvador?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#ElSalvador</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#BTC</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> <a href="https://twitter.com/hashtag/VolcanoEnergy?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#VolcanoEnergy</a> <a href="https://t.co/HTkd5ZOKfM" rel="nofollow" target="_blank">pic.twitter.com/HTkd5ZOKfM</a>
— Volcano Energy <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f30b.png" alt="🌋" class="wp-smiley" style="height: 1em; max-height: 1em;" /><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f50c.png" alt="🔌" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@Volcano_Energy) <a href="https://twitter.com/Volcano_Energy/status/1665712606311600128?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 5, 2023</a></blockquote>
The venture has attracted attention from several investors, including the renowned issuer of stablecoin <a href="https://crypto.ro/en/cryptocurrencies/tether/">USDT</a>, Tether.
The Bitcoin mine will be powered by 169 MW of solar energy and 72 MW of wind energy, yielding a computing power of over 1.3 exahash/second (EH/s).
The Salvadoran government will play a &#8220;crucial role&#8221; in the planning and execution of the project and has secured &#8220;a preferential equity stake equivalent to 23% of revenues,&#8221; stated Volcano Energy.
External investors will own 27% of the venture, while the remaining 50% will be &#8220;reinvested&#8221; to expand energy production and mining capacities.
Previous mining initiatives have focused on El Salvador&#8217;s geothermal energy potential, but it is unclear how this new solar and wind energy park will connect to volcanic activity.
In its <a href="https://twitter.com/Volcano_Energy/status/1665712606311600128" rel="nofollow noopener" target="_blank">press release</a>, Volcano mentioned that this mining site represents &#8220;the path to our geothermal future,&#8221; but did not provide a roadmap.
Paolo Ardoino, Chief Technology Officer at Tether, said that the stablecoin is trying to diversify its &#8220;strategic ecosystem&#8221; and that Volcano Energy is one of the most &#8220;revolutionary&#8221; initiatives it has supported. Tether has been active in investment moves in recent weeks, including Bitcoin mining in Uruguay and <a href="https://crypto.ro/en/news/tether-follows-microstrategys-lead-diversifying-reserves-with-bitcoin-investments/">purchasing Bitcoin to add to the reserves backing USDT</a>.
As development opportunities have been limited in North America, mining companies and other stakeholders have turned their focus to investments in regions like Latin America and the Middle East.

El Salvador welcomes $1 billion Bitcoin mining project by Volcano Energy

crypto.ro global

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