El Salvador and Tether Join Forces for $1 Billion Green Energy Bitcoin Mining Project
Volcano Energy Collaboration Aims to Harness Renewable Energy for Bitcoin Mining
Wed, 07 Jun 2023, 01:43 am UTC
A remarkable partnership between El Salvador, the global trendsetter in Bitcoin adoption, and Tether, a leading stablecoin issuer, is set to make substantial investments in the renewable energy sector. This collaboration aims to propel a proposed $1 billion project focused on harnessing green energy. El Salvador, the pioneering country that recognized Bitcoin as a legal currency three years ago, is once again on a forward-moving trajectory with plans for a green energy hub in Metapán. The hub is designed to channel wind and solar power to energize and monetize Bitcoin mining.
Tether has confidently stepped forward as an investor in this eco-conscious venture called Volcano Energy, a future-forward 241-megawatt renewable power park. The project, based in Metapán, aims to generate 169 megawatts from photovoltaic solar power and an additional 72 megawatts from wind sources.
The environmentally-friendly power produced by Volcano Energy will be used to fuel Bitcoin mining centers across El Salvador. Tether's projections anticipate the computational power of the park to exceed 1.3 exahashes per second, potentially positioning Volcano Energy among the top 20 Bitcoin mining power pools globally.
Paolo Ardoino, CTO of Tether, has embraced this initiative, demonstrating the stablecoin giant's commitment to investing in renewable energy production and mining infrastructure.
Josue Lopez, CEO of Volcano Energy, envisions this endeavor setting a high standard for Bitcoin mining operations powered by renewable energy. This move comes as the industry consistently seeks groundbreaking methods in a rapidly evolving and highly competitive market.
Max Keiser, a vocal Bitcoin advocate and media personality, is actively involved in El Salvador's pioneering Bitcoin efforts. He advises President Nayib Bukele and holds the chairman position at Volcano Energy.
Joining the brain trust is Saifedean Ammous, an economist and renowned author of "The Bitcoin Standard." Ammous recently joined as an economic adviser to El Salvador's National Bitcoin Office, adding his expertise to the governance of this progressive nation.
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