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Tether has today announced that it has participated in the first round of a new $1 billion renewable energy initiative in El Salvador. It will provide capital and bring its domain expertise in energy, hardware and communications to build “Volcano Energy”, a 241 MW renewable energy generation park in Metapán which is expected to house the world’s largest Bitcoin mining farm.
The move follows Tether’s commitment to invest in renewable energy sources to support and promote sustainable Bitcoin mining.
Renewable energy in Bitcoin mining
By integrating solar and wind projects within the volcanic region of Metapán, Tether aims to play a key role in paving the way for one of the world’s largest Bitcoin Mining Farms. Photovoltaic solar energy is expected to provide 169 MW while wind energy provides 72 MW of renewable energy.
The total power output for the project will create an initial computation power surpassing 1.3 EH/s.
Commenting on the project, the CEO of Tether Paolo Ardoino said:
“We are excited to be among the initial pioneers of renewable energy in El Salvador as an equity investor and advisor. 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.”
Bitcoin and other blockchains like Litecoin that use the Proof-of-Work (PoW) consensus mechanism have been harshly criticized for their huge energy consumption. Therefore, the long-term sustainability of the Bitcoin network can only be achieved through energy innovation, competitiveness, diversification and geographic expansion.
By investing in renewable energy resources around the world, Tether, which recently announced that it would invest 15% of its net profit in Bitcoin (BTC), will become a leading provider and investor in global renewable energy and Bitcoin mining infrastructure.
The post Tether leads in funding world’s largest Bitcoin mining farm in El Salvador appeared first on Invezz.
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