Tether has joined El Salvador’s Volcano Energy project to develop a Bitcoin mining farm.
The billion-dollar project aims to tap into El Salvador’s renewable energy sources to support sustainable Bitcoin mining.
The stablecoin giant clarified that its investment in Volcano Energy will not utilize or impact the reserves that support USDT.
The latest move is in line with Tether’s recent push towards energy innovation and sustainable BTC mining.
Tether, the crypto giant behind the world’s largest stablecoin, has made a sizable investment in El Salvador’s Volcano Energy. Volcano Energy is a $1 billion venture to establish a Bitcoin mining farm powered by renewable energy. The billion-dollar project aims to integrate solar and wind projects in Metapán’s volcanic region to create a 241-megawatt renewable energy generation park.
Tether: Investment In Volcano Energy Will Not Impact USDT Reserve
According to a press release from Tether earlier today, the stablecoin giant invested an undisclosed amount in Volcano Energy’s first funding round of $250 million, paving the way for developing one of the world’s largest Bitcoin mining farms. A spokesperson for the stablecoin firm declined to confirm if the investment was being made in the form of USDT. The spokesperson assured that the investment would not utilize or impact the reserves that back its USDT stablecoin.
The site chosen by Volcano Energy for the billion-dollar renewable energy park is located in Metapán’s El Chiste region, which will be divided between 169 MW of photovoltaic solar energy and 72 MW of wind energy. The combined 241 MW output will create an initial computation power of over 1.3 EH/s. Tether stated that it will provide capital as well as expertise in energy, hardware, and communications to help develop Volcano Energy’s new facility.
We are excited to be among the initial pioneers of renewable energy in El Salvador as an equity investor and advisor. This investment continues Tether’s journey in diversifying its strategic ecosystem.”
Paolo Ardoino, Chief Technology Officer at Tether.
The USDT issuer’s latest investment is in line with its recent push toward energy innovation and sustainable BTC mining. Last week the firm invested in energy production and the launch of sustainable Bitcoin mining operations in Uruguay.