- June 5, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
El Salvador’s plans to build a billion dollar renewable energy precinct has found a first round investor in stablecoin issuer Tether.
Stablecoin issuer Tether (USDT) has announced that it will be partnering with Bitcoin-friendly nation El Salvador to invest in a planned $1 billion dollar renewable energy initiative.
The Central American country continues efforts to drive Bitcoin adoption after becoming the first nation to make BTC legal tender some three years ago. The latest is a renewable power generation precinct in Metapán, which aims to harness solar and wind energy which will power and be monetized by Bitcoin mining operations.
Tether is among investors in a first round capital raise to develop Volcano Energy, a soon to be developed 241 MW renewable energy park. The site is located in Metapán and will comprise 169 MW of photovoltaic solar energy and 72 MW of wind.
Related: What it’s actually like to use Bitcoin in El Salvador
The energy produced will power Bitcoin mining farms in El Salvador with Tether estimating the park’s computation power surpassing 1.3 EH/s. This output would put the cumulative Bitcoin mining hashrate from Volcano Energy in the top 20 pools operating globally.
Tether chief technology officer Paolo Ardoino said the investment marks the stablecoin issuers intent to drive investment in renewable energy production as well as mining infrastructure.
Volcano Energy CEO Josue Lopez said that the park envisions being a benchmark for Bitcoin mining powered by renewable resources, as the sector continues to innovate in a competitive and expansive 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.”
Tether did not disclose the amount of the investment in correspondence Cointelegraph.
Bitcoin proponent and broadcaster Max Keiser is keenly involved in El Salvador’s adoption efforts, acting as an advisor to president Nayib Bukele as well as the chairman of Volcano Energy.
Saifedean Ammous, economist and author of The Bitcoin Standard is another Bitcoin advocate who’s now involved in El Salvador’s governance, after joining as economic adviser to its National Bitcoin Office.
The proliferation of Bitcoin and the ability to use the preeminent cryptocurrency widely in El Salvador paints a more interesting picture, as Cointelegraph’s Joe Hall explored earlier in 2022 during a visit to the Central America country.
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