Tether Joins $1 Billion Funding Investment To Construct El Salvador’s Massive Bitcoin Mining Farm

Tether, the company behind the popular stablecoin, is joining a billion-dollar renewable energy initiative in El Salvador.

They will invest in and bring their expertise to build "Volcano Energy," a 241 MW renewable energy park in Metapán. 

This project aims to support sustainable Bitcoin mining by integrating solar and wind projects in the volcanic region, paving the way for one of the world's largest mining farms. El Salvador leads in geothermal energy production within Central America. 

The chosen site for this project is El Chiste hamlet in the municipality of Metapán, Santa Ana. It will consist of 169 MW of photovoltaic solar energy and 72 MW of wind energy, resulting in a combined computational power exceeding 1.3 EH/s.

Chief Technology Officer at Tether Paolo Ardoino stated that "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 aims to lead in global renewable energy and mining infrastructure by investing in renewable energy resources worldwide, promoting energy innovation, competitiveness, diversification, and geographic expansion for the long-term sustainability of the Bitcoin network.

CEO at Volcano Energy Josue Lopez explained that “currently, more than 52% of Bitcoin mining is being done sustainably.” Lopez also mentioned that they anticipate a significant increase in this percentage in the coming years. 

He added that Volcano Energy not only holds importance for the future resilience of Bitcoin but also signifies the crucial role that El Salvador now plays in the global tech environment.