Tether Collaborates with El Salvador for Landmark $1 Billion Renewable Energy Venture

Updated: 06 June 2023

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The billion-dollar renewable energy project in El Salvador has secured its first investor, and it’s none other than Tether.

Tether Joins Forces with El Salvador to Fuel Green Energy Revolution

The stablecoin cryptocurrency Tether has partnered with El Salvador to support its renewable energy plan. A billion dollars will go into renewable energy infrastructure.

Tether is partnering with Bitcoin-friendly El Salvador to develop sustainable, clean energy solutions. In addition to achieving El Salvador’s renewable energy goals, this collaboration strengthens the country’s cryptocurrency position.

El Salvador is taking new steps to integrate Bitcoin into its economy as part of its ongoing efforts to promote Bitcoin adoption. Three years ago, the country became the first nation to adopt Bitcoin as a legal tender. Now, El Salvador is working on a renewable energy project in Metapán. Solar and wind energy will power Bitcoin mining operations and generate revenue.

A prominent cryptocurrency player, Tether, is investing in Volcano Energy, a renewable energy park. Metapán’s new park will have 241 megawatts (MW). Solar power will be 169 MW, and wind power 72 MW. Collaboration between Tether and El Salvador shows their commitment to sustainable energy solutions and Bitcoin’s potential to drive renewable energy.

By combining renewable energy with Bitcoin, El Salvador showcases its innovative approach to both energy and digital currency. As well as helping the country achieve its renewable energy goals, it strengthens its position as a crypto pioneer.

Volcano Energy and Tether Collaborate to Boost Renewable Bitcoin Mining

Bitcoin mining operations will be powered by the renewable energy of El Salvador’s park. Tether predicts that the mining farms in the park will have 1.3 exahashes per second. As a result of this level of output, Volcano Energy is one of the world’s top 20 Bitcoin mining pools.

Volcano Energy will be able to generate significantly more energy than other mining pools because El Salvador’s park has abundant geothermal energy. This renewable energy source is reliable and cost-effective, allowing Volcano Energy to remain competitive in the Bitcoin mining market.

In a statement, Paolo Ardoino, Tether’s chief technology officer, said this investment shows the stablecoin issuer’s commitment to renewable energy and mining infrastructure. Volcano Energy and Tether collaborate to show the potential of renewable energy for Bitcoin mining.

Josue Lopez, CEO of Volcano Energy, wants the park to be a leader in Bitcoin mining powered by renewable energy. The park wants to set a benchmark for sustainable and innovative practices in an environment where Bitcoin mining is competitive and rapidly expanding.

“More than 52% of Bitcoin mining is being done sustainably. We believe this percentage will significantly increase through important investments like ours in the coming years.”

Bitcoin supporter Max Keiser, a broadcaster, plays a big role in El Salvador’s adoption of Bitcoin. As well as being an adviser to President Nayib Bukele, he’s also the chairman of Volcano Energy.

Volcano Energy is a company helping El Salvador develop the infrastructure needed to support Bitcoin. This includes providing electricity and internet access and building the necessary hardware and software.

The Bitcoin Standard’s author, Saifedean Ammous, is another advocate for Bitcoin who’s become involved in El Salvador’s governance. He’s joined the National Bitcoin Office as an economic adviser.

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