Tether, an issuer of stablecoins, has declared that it will collaborate with El Salvador, a nation that endorses Bitcoin, to invest in a $1 billion renewable energy project.
The Central American nation is still striving to promote the use of Bitcoin (BTC) after being the first country to make BTC a legal currency about three years ago. The latest project is a renewable energy production area in Metapán that seeks to capture solar and wind energy which will be used to power and be remunerated by Bitcoin mining activities.
Tether is one of the investors in a first-round funding round to build Volcano Energy, a 241-megawatt (MW) renewable energy facility. Situated in Metapán, the park will consist of 169 MWs of photovoltaic solar energy and 72 MWs of wind energy.
What is the experience of using Bitcoin in El Salvador really like?
The energy generated by Volcano Energy will be used to power Bitcoin mining farms in El Salvador, and Tether predicts that the park’s computing power will exceed 1.3 exahashes per second. This output would place the aggregate Bitcoin mining hash rate from Volcano Energy in the top 20 pools worldwide.
Paolo Ardoino, the Chief Technology Officer of Tether, declared that the firm’s investment is a demonstration of its commitment to backing the growth of renewable energy production and mining infrastructure.
Josue Lopez, CEO of Volcano Energy, expressed his vision of the park becoming a model for Bitcoin mining powered by renewable energy sources, as the industry progresses in a competitive and ever-growing landscape.
Tether did not reveal the size of the investment in a communication with Cointelegraph.
Max Keiser, a strong supporter of Bitcoin, is actively involved in El Salvador’s adoption efforts. He serves as an advisor to President Nayib Bukele and is also the chairman of Volcano Energy.
Saifedean Ammous, economist and author of The Bitcoin Standard, has recently been appointed as an economic adviser to El Salvador’s National Bitcoin Office, thereby becoming involved in the country’s governance.
The increasing use of Bitcoin in El Salvador has created an intriguing situation, as Cointelegraph’s Joe Hall discovered in 2022 when he traveled to the Central American nation.
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