El Salvador is embarking on an initiative to establish a renewable energy power generation park in the Metapán area, aiming to become a center in the global bitcoin mining industry.
Tether has announced its participation as an equity investor and advisor, highlighting the significance of this renewable energy project.
El Salvador aiming to transform bitcoin mining
El Salvador is capitalizing on its abundant natural resources to launch a revolutionary endeavor called “Volcano Energy.”
In a press release, the country outlined its objective to position itself as a major global player in bitcoin mining, while simultaneously promoting energy competitiveness, diversification, and geographic expansion for the Bitcoin network.
By adopting a debt-free approach, El Salvador plans to construct a 241 MW renewable power generation park in the Metapán region, combining solar and wind projects.
The chosen site in El Shiste hamlet, Metapán, offers exceptional solar and wind energy yields, making it an ideal location for the project. The park will have a capacity of 169 MW of photovoltaic solar energy and 72 MW of wind energy.
The total commitment for the “Volcano Energy” project amounts to $1 billion, with an initial investment of $250 million. Key leaders from the web3 industry, along with top developers and manufacturers of renewable energy solutions, are actively participating in this journey.
President Nayib Bukele-led government of El Salvador will play a crucial role in planning and executing the initiative, securing a preferred participation equivalent to 23% of the revenue. The remaining ownership will be divided among investors, allowing for reinvestment in expanding energy production capacity and advancing bitcoin mining.
Robert Warren, an industry expert from Distributed Hash, shared his insights on Twitter, explaining that the decision to leverage wind and solar energy sources is likely driven by the need to monetize more quickly, building upon the existing geothermal expansion.
Tether joins forces with El Salvador
In the same vein, USDT stablecoin issuer, Tether, has announced its participation as an equity investor and advisor in the “Volcano Energy” project.
Tether will provide capital and bring its domain expertise in energy, hardware, and communications to the table. By integrating solar and wind projects within the volcanic region of El Salvador, Tether aims to contribute to the establishment of one of the world’s largest bitcoin mining farms.
Tether’s chief technology officer, Paolo Ardoino, expressed excitement about their role in pioneering renewable energy investments in El Salvador.
Ardoino emphasized the significance of the “Volcano Energy” initiative and Tether’s commitment to diversifying its strategic ecosystem. The collaboration with Volcano Energy and El Salvador aims to foster sustainable energy production and cement the country’s position in the global bitcoin mining industry.
Josue Lopez, CEO of Volcano Energy, shared his vision for a more sustainable Bitcoin network, with investments like “Volcano Energy” playing a pivotal role in increasing the percentage of sustainably mined bitcoin. He emphasized the importance of El Salvador’s newfound role in the global tech environment.
Max Keiser, chairman of Volcano Energy, has expressed his confidence in El Salvador’s potential as a bitcoin mining location.