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Stablecoin issuer Tether invests in El Salvador's renewable energy initiative
Stablecoin issuer Tether has revealed its partnership with the Bitcoin-friendly nation of El Salvador to invest in an ambitious $1 billion renewable energy project. This collaboration is part of the Central American country's ongoing efforts to promote Bitcoin adoption, which started when it became the first nation to adopt BTC as legal tender approximately three years ago.
Renewable energy precinct to power Bitcoin mining
El Salvador's latest project, a renewable power generation precinct located in Metapán, intends to utilize solar and wind energy to power and monetize Bitcoin mining operations. Tether is taking part in a first-round capital raise to develop Volcano Energy, a forthcoming 241-megawatt (MW) renewable energy park. The park, situated in Metapán, will consist of 169 MWs of photovoltaic solar energy and 72 MWs of wind energy.
Volcano Energy to enter top 20 global mining pools
The energy generated by the park will be used to power Bitcoin mining farms in El Salvador. Tether estimates that the park's computation power will exceed 1.3 exahashes per second, which would place the total Bitcoin mining hash rate from Volcano Energy among the top 20 mining pools worldwide.
Tether's commitment to renewable energy
Paolo Ardoino, Tether's chief technology officer, stated that this investment showcases the stablecoin issuer's determination to support investment in renewable energy production and mining infrastructure. Josue Lopez, the CEO of Volcano Energy, envisions the park as a benchmark for Bitcoin mining powered by renewable resources as the industry continues to innovate in a competitive and rapidly expanding environment.
"Currently, more than 52% of Bitcoin mining is being done sustainably. We believe this percentage will significantly increase in the coming years through important investments like ours," said Lopez. The amount of Tether's investment was not disclosed.
High-profile Bitcoin advocates support El Salvador
Max Keiser, a Bitcoin proponent and broadcaster, is actively involved in El Salvador's adoption efforts. He serves as an adviser to President Nayib Bukele and as the chairman of Volcano Energy. Saifedean Ammous, economist and author of The Bitcoin Standard, has also joined the country's efforts as an economic adviser to its National Bitcoin Office. The widespread use of Bitcoin in El Salvador continues to intrigue onlookers, as explored by Cointelegraph's Joe Hall in early 2022.
