Tether, issuing company of the stablecoin USDT, has distinguished itself lately with a massive investment and a certain vision. The firm has recently announced A significant investment in a Bitcoin mining project in El Salvador, dubbed “Volcano Energy”. This project, which aims to harness renewable energy to power a Bitcoin mining farm, could well mark a turning point in the history of cryptocurrency.
Tether’s investment: a strong commitment to the future
Tether, the issuer of the USDT stablecoin, has always been at the forefront of cryptocurrency innovation. This time, the company has decided to support a bold project: Volcano Energy. By participating in the first round of financing for this project, Tether has demonstrated its commitment with a vision of the future where Bitcoin mining would be powered by renewable energy sources.
“We are excited to be among the pioneers of renewable energy in El Salvador as an investor and advisor”
Paolo Ardoino, CTO @Tether
The objective of this funding is ambitious: it aims to raise a billion dollars for the realization of the project. Although Tether has not revealed the exact amount of its investment, it is clear that the company has played a major role in this first round of funding. Paolo Ardoino, the technical director of Tether, confirmed that the company’s investment in Volcano Energy was “well within our own excess reserves, so it’s not taken from the reserves that back the issued tokens”. This speaks to Tether’s financial strength and ability to support large-scale projects.
Volcano Energy: power at the service of Bitcoin
The project Volcano Energylocated in Metapán, El Salvador, is an igroundbreaking initiative that aims to harness renewable energy to power a Bitcoin mining farm. El Salvador, rich in geothermal resources thanks to its geographical location, offers an ideal environment for this type of project.
The website plans to generate 241 MW of renewable energydivided between 169 MW of photovoltaic solar energy and 72 MW of wind energy. This energy production, which is not only respectful of the environment, but also economically viable, should allow a impressive computing capacity, exceeding 1.3 PE/s (exahashes per second). To put that number into perspective, 1 PE/s equals a quintillion hashes per second, a colossal amount of computing power that would place the mining farm among the largest in the world.
Visionaries at the head of the project
Joshua Lopez, Volcano Energy CEOand Max Keiser, Advisor to the President of El Salvador and president of Volcano Energy, are the figureheads of this ambitious project.
Paolo Ardoino, CTO of Tether, expressed his enthusiasm for Tether’s investment in the project, highlighting the importance of this initiative for renewable energy production and mining infrastructure.
El Salvador’s Ambassador to the United States, Mylena Mayorga, also welcomed Tether’s initiative.
This investment reflects the company’s desire to promote a sustainable and environmentally friendly approach in industry of cryptocurrency. El Salvador, as the first country to make Bitcoin legal tendercontinues to position itself as a leader in the adoption of cryptocurrency and the exploitation of renewable energy for the mining of Bitcoin.
Sources: Tether