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Tether invests in Volcano Energy to build one of the world’s largest Bitcoin mining farms in El Salvador

by | Jun 5, 2023 | News

Volcano Energy | News

    The $1 billion project seeks to leverage renewable energy to power Bitcoin mining.

     

    Tether, the issuer of the USDT stablecoin, is one of the investors in the Volcano Energy initiative, which seeks to build a 241 MW renewable energy generation park in Metapán, El Salvador, that will power what they hope will be one of the largest Bitcoin mining farms in the world with wind and solar energy.

    Volcano Energy: renewable energy production to boost Bitcoin mining

    Through a statement, Volcano Energy, a project led by Max Keiser, Stacy Herbert, and Josué López, announced the raising of the first $250 million of the initiative, driven by different Bitcoin industry leaders, including Tether as one of the participants, as the company explained in a separate statement.

    The total investment of the Volcano Energy project targets $1 billion, which will serve to build a giant renewable energy farm, divided into 169 MW of solar PV and 72 MW of wind power, which will add up to an output of 241 MW of clean energy set to power one of the world’s largest Bitcoin mining farms with an initial computing power above 1.3 EH/s.

    Tether will participate with equity investment and expertise in the construction of the project, which is part of the company’s comprehensive vision behind sustainable Bitcoin mining, the announcement states, enabling a new step in the diversification of the USDT issuer and Bitcoin driver into the energy sector thanks to BTC mining.

    The government of El Salvador will be in charge of the planning and execution of the Volcano Energy project, the project’s statement added, so it will have a share equivalent to 23% of the initiative’s revenues, while investors will have another 27%. The remaining 50% of revenues will be reinvested for the “expansion of energy production capacity and the advancement of Bitcoin mining.”


    The renewable energy park will be built specifically in the hamlet of El Chiste, located in the city of Metapán, part of the department of Santa Ana in El Salvador.

    Source:
    https://www.criptotendencias.com/bitcoin/volcano-energy-granja-mineria-bitcoin-tether/

    History and Evolution

    Initially, mining was an activity accessible to individuals with personal computers. However, in 2013, competition for bitcoin rewards led to the development of specialized hardware, known as ASICs, which are significantly more efficient for the task of mining. This evolution has led to an increasing professionalization of bitcoin mining, with large mining farms and mining pools dominating bitcoin production.

    Today there are billion dollar capitalized companies as well as sovereign countries mining bitcoin around the world.

    The history of bitcoin mining reflects both the technological advances and the economic and regulatory challenges that have accompanied the growth and maturation of bitcoin.

    Future of Mining
    The future of bitcoin mining poses challenges and opportunities, especially in terms of sustainability and technology. The pursuit of renewable energy and hardware innovation could define the next era of bitcoin mining.

    We at Volcano Energy are committed to mining bitcoin with renewable energy sources for a better El Salvador.

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