- Volcano Energy will focus on integrating wind and solar projects within the volcanic region.
- Tether aims to become the leading provider of global renewable energy.
Tether, the issuer of the world’s largest stablecoin by market capitalization (USDT), has announced that it took part in the first round of a new billion-dollar renewable energy initiative in El Salvador. Moreover, it is looking to invest $1 billion to build the world’s largest Bitcoin mining farms.
Tether Energy is doubling down on #bitcoin with our investment into Volcano Energy in El Salvador
We're fueling sustainable Bitcoin mining and supporting El Salvador's economic growth
Learn morehttps://t.co/PlJ2yRhPR8 pic.twitter.com/fnpWuZW95t
— Tether (@Tether_to) June 5, 2023
On June 5, Tether shared press release announcing, Tether Energy is doubling down on Bitcoin by investing in Valcano Energy. It is a 241 MW renewable generation park in El Salvador. By this, Tether aims to play a key role in paving the way for one of the world’s largest Bitcoin mining farms.
According to the press release, Volcano Energy will focus on integrating wind and solar projects within the volcanic region in order to create one of the world’s largest Bitcoin mining farms. Tether will support the development of Volcano Energy. And also, bring its hardware, communication, and energy to build Valcano Energy.
Tether Aims to Lead the Way for Bitcoin Mining
El Salvador has the highest geothermal energy production in Central America. To build the new Bitcoin mining farm, the project developers chose the site in the El Chiste hamlet in the municipality of Metapan. And also, the farm is expected to provide an initial computation power that surpasses 1.3 EH/s.
Paolo Ardoino, the chief technology officer at Tether, stated that Tether is excited to be among the initial pioneers of renewable energy in El Salvador as an investor and advisor. Moreover, the investment continues Tether’s journey toward diversifying its strategic ecosystem.
Tether believes that the long-term sustainability of the Bitcoin network achieved through energy innovation, competitiveness, and geographical expansion. Moreover, Tether aims to become the leading provider of global renewable energy and mining infrastructure by supporting Volcano Energy.