Tether Invests in $1 Billion Bitcoin Farm in El Salvador


USDT stablecoin issuer Tether has taken part in the first round of funding for Volcano Energy’s $1 billion bitcoin mining project in El Salvador.

The initiative aims to mine the first cryptocurrency using renewable energy from the sun and wind. The power of the facility should be 241 MW, the hash rate is 1.3 EH / s.

The project raised $250 million in the first stage. Tether did not disclose its share of investments.

According to the statement, the company will act as an investor and advisor. The initiative is implemented in the form of a public-private partnership.

Josu Lopez from El Salvador became the CEO of Volcano Energy, the board of directors was headed by the American TV presenter and founder of Heisenberg Capital Max Kaiser.

“Volcano Energy represents one of the most innovative and strategic initiatives we have invested in. We look forward to working with Lopez and his team to make El Salvador a global force in renewable energy production. This investment continues Tether’s journey to diversify its strategic ecosystem,” said USDT issuer CTO Paolo Ardoino.

In May, he said that Tether’s profitability allows the company to consider business diversification opportunities beyond the stablecoin offering. Ardoino identified energy, data exchange and financial infrastructure as priority areas.

Robert Warren, a partner at the American firm Distributed Hash, drew attention to the fact that Volcano Energy is more of an energy facility than a mining facility. To provide a hash rate of 1.3 EH / s with the latest generation devices (~ 13,000 units), a power of approximately 52 MW is required.

Recall that earlier the authorities of El Salvador began to develop bitcoin mining on the geothermal energy of volcanoes.

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