Tether, the leading fintech platform behind the world’s most widely used stablecoin, has announced its participation in a groundbreaking billion dollar renewable energy initiative in El Salvador. The company aims to support and promote sustainable Bitcoin mining by investing in the construction of “Volcano Energy,” a 241 MW renewable energy generation park. By leveraging the geothermal, solar, and wind potential within the volcanic region, Tether plans to establish one of the world’s largest Bitcoin Mining Farms.
El Salvador, Central America’s largest geothermal energy producer, has been chosen as the site for this ambitious project. Specifically, the development will take place in the El Chiste hamlet of Metapán, Santa Ana. The energy generation park will be divided between 169 MW of photovoltaic solar energy and 72 MW of wind energy, resulting in an initial computation power exceeding 1.3 EH/s (equivalent to one quintillion hashes per second).
Paolo Ardoino, the Chief Technology Officer at Tether, expressed his enthusiasm about the company’s involvement in El Salvador’s renewable energy sector. “We are excited to be among the initial pioneers of renewable energy in El Salvador as an equity investor and advisor,” Ardoino stated. Tether aims to leverage its expertise in energy, hardware, and communications to support Josue Lopez and his team in making El Salvador a global force in renewable energy production. This investment aligns with Tether’s commitment to diversifying its strategic ecosystem.
The long-term sustainability of the Bitcoin network relies on energy innovation, competitiveness, diversification, and geographic expansion. Tether recognizes the significance of investing in renewable energy resources worldwide to become a leading provider and investor in global renewable energy and mining infrastructure.
Josue Lopez, CEO at Volcano Energy, believes that sustainable Bitcoin mining will witness a significant increase in the coming years due to important investments like theirs. “Currently, more than 52% of Bitcoin mining is being done sustainably,” Lopez stated. He expressed confidence that “Volcano Energy” will contribute to Bitcoin’s resiliency and position El Salvador as a prominent player in the global tech environment.
Max Keiser, Chairman of Volcano Energy, emphasized the potential of El Salvador as a Bitcoin mining powerhouse. “El Salvador has the volcanoes, natural resources, talent, and now the expertise and support of Tether to be a Bitcoin mining country,” Keiser declared.