Tether, the company behind the USDT, has announced its participation in a groundbreaking renewable energy initiative in El Salvador. The initiative, known as “Volcano Energy,” aims to establish a 241 MW renewable energy generation park in Metapán, harnessing the region’s geothermal, solar, and wind resources. Tether’s involvement in this billion-dollar project highlights its commitment to investing in renewable energy and promoting the long-term sustainability of the Bitcoin network.
El Salvador, situated in Central America, boasts the highest geothermal energy production in the region. The chosen site for the Volcano Energy project, located in El Chiste hamlet within the municipality of Metapán, Santa Ana, will be divided between 169 MW of photovoltaic solar energy and 72 MW of wind energy. Once operational, this renewable energy capacity will facilitate a substantial computation power of over 1.3 EH/s (one quintillion hashes per second), setting the stage for the establishment of one of the world’s largest Bitcoin mining farms.
Paolo Ardoino, the Chief Technology Officer at Tether, expressed his excitement about the company’s role as an equity investor and advisor in this renewable energy venture. Ardoino stated, “Volcano Energy represents one of the most ground-breaking and strategic initiatives we are investing in, and we look forward to working alongside Josue Lopez and his team to make El Salvador a global force in renewable energy production. This investment continues Tether’s journey in diversifying its strategic ecosystem.”
Tether’s participation in the Volcano Energy project aligns with its vision to become a leading provider and investor in global renewable energy and mining infrastructure. Recognizing the importance of energy innovation, competitiveness, diversification, and geographic expansion for the long-term sustainability of the Bitcoin network, Tether is committed to investing in renewable energy resources worldwide.
Josue Lopez, CEO at Volcano Energy, highlighted the potential impact of initiatives like theirs on the sustainability of Bitcoin mining. “Currently, more than 52% of Bitcoin mining is being done sustainably,” Lopez said, expressing confidence in the significant increase in this percentage in the coming years. He emphasized the importance of “Volcano Energy” for the future resilience of Bitcoin and as a testament to El Salvador’s growing significance in the global tech environment.
Max Keiser, Chairman of Volcano Energy, praised the partnership between Tether and El Salvador, stating, “El Salvador has the volcanoes, natural resources, the talent, and now the expertise and support of Tether to be a Bitcoin mining powerhouse. Bitcoin Country will now also be known as Bitcoin mining country.”
The collaboration between Tether and Volcano Energy signifies a significant step towards a greener and more sustainable future for Bitcoin mining. By leveraging renewable energy sources in El Salvador, Tether is contributing to the reduction of the carbon footprint associated with cryptocurrency mining. This venture sets a precedent for other companies in the blockchain industry to prioritize environmentally friendly practices and work towards a more sustainable digital economy.
Source: https://azcoinnews.com/tether-commits-1-billion-to-establish-volcano-energy-for-sustainable-bitcoin-mining-in-el-salvador.html
