Friday, May 24, 2024

Tether Partners with El Salvador for $1B Renewable Energy Project Investment!

El Salvador’s plans to build a billion dollar renewable energy precinct has found a first-round investor in stablecoin issuer Tether. Stablecoin issuer Tether has confirmed that it will be partnering with Bitcoin-friendly nation El Salvador to invest in a planned $1 billion dollar renewable energy initiative. The Central American country continues efforts to drive Bitcoin adoption after becoming the first nation to make BTC legal tender about three years ago. The latest is a renewable power generation precinct in Metapán that aims to harness solar and wind energy that will power and be monetized by Bitcoin mining operations.

The energy produced will power Bitcoin mining farms in El Salvador, with Tether estimating the park’s computation power surpassing 1.3 exahashes per second. This output would put the cumulative Bitcoin mining hash rate from Volcano Energy in the top 20 pools operating globally. Tether is among investors in a first-round capital raise to develop Volcano Energy, a soon-to-be-developed 241-megawatt (MW) renewable energy park. The site is located in Metapán and will comprise 169 MWs of photovoltaic solar energy and 72 MWs of wind. Tether’s chief technology officer Paolo Ardoino said the investment marks the stablecoin issuer’s intent to drive investment in renewable energy production as well as mining infrastructure.

Bitcoin proponent and broadcaster Max Keiser is also keenly involved in El Salvador’s adoption efforts, acting as an adviser to President Nayib Bukele as well as the chairman of Volcano Energy. Volcano Energy CEO Josue Lopez also said that he envisions the park being a benchmark for Bitcoin mining powered by renewable resources as the sector continues to innovate in a competitive and expansive environment. Tether did not disclose the amount of the investment in a correspondence with Cointelegraph. 

Saifedean Ammous, economist and author of The Bitcoin Standard, is another Bitcoin advocate who’s now involved in El Salvador’s governance after joining as an economic adviser to its National Bitcoin Office. The proliferation of Bitcoin and the ability to use the preeminent cryptocurrency widely in El Salvador paints a more interesting picture, as Cointelegraph’s Joe Hall explored earlier in 2022 during a visit to the Central American country. 

Source:

Jenkinson, G. (2023, June 5). Tether invests in El Salvador’s $1B renewable energy project. Cointelegraph. https://cointelegraph.com/news/tether-invests-in-el-salvador-renewable-energy-scheme

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