Tether Has Invested In The Renewable Energy Project In El Salvador

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Tether, the issuer of stablecoin, has already announced that it would be partnering with the Bitcoin-friendly nation El Salvador, and investing in a renewable energy initiative worth $1 billion dollars. The country in Central America has continued its efforts of driving Bitcoin adoption after it became the first nation that made BTC legal tender around three years back.

The latest will be a renewable power generation precinct in Metapan that has aimed at harnessing the wind and solar energy that will power and be monetized by the mining operations of the cryptocurrency. This issue is one of the investors in a first-round capital that would raise Volcano Energy, a soon-to-be-developed 241 Megawatt renewable energy park. The site has been constructed in Metapan.

Tether Has Invested in Volcano Energy In El Salvador

The energy that Tether’s investment will produce will power the mining farms of Bitcoin in El Salvador, with the company estimating the computation power of the park surpassing 1.3 exahashes per second. This output will put the cumulative Bitcoin mining hash rate from Volcano Energy in the top 20 pools that have been operating on a global scale. Paolo Ardoino, the chief technology officer, for the company, stated that the investment would mark the stablecoin issuer’s intent to drive investment in renewable energy production as well as mining infrastructure. 

The CEO of Volcano Energy, Josue Lopez, stated that he envisions the park which could be a benchmark for the mining of Bitcoin powered by renewable resources with the sector continuing to innovate in an expansion and competitive environment. Incidentally, Tether didn’t disclose the amount of the investment- in their correspondence with Cointelegraph.