Tether, the company operating the fintech platform tether.to that powers the first and most “widely used” stablecoin in the world, announced it “has participated in the first round of a new billion dollar renewable energy initiative in El Salvador.”
Following on its mission to invest in renewable energy sources to support and promote sustainable Bitcoin mining, Tether 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.”
By integrating solar and wind projects within the volcanic region, Tether aims “to play a key role in paving the way for one of the worlds largest Bitcoin Mining Farms.”
In Central America, El Salvador reportedly “has the highest geothermal energy production.”
Located in the El Chiste hamlet within the municipality of Metapán, Santa Ana, the site chosen for this development “will be divided between 169 MW of photovoltaic solar energy and 72 MW of wind energy.”
This output will aim to “create an initial computation power surpassing 1.3 EH/s (1 EH/s is equivalent to one quintillion hashes per second).”
Paolo Ardoino, Chief Technology Officer at Tether, 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.”
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 aims “to become one of the leading providers and investors in global renewable energy and mining infrastructure.”
Josue Lopez, CEO at Volcano Energy, said:
“Currently, more than 52% of Bitcoin mining is being done sustainably. We believe this percentage will significantly increase in the coming years through important investments like ours. Not only is ‘Volcano Energy’ important for the future of Bitcoin resiliency, it’s also an important sign of the new crucial role that El Salvador plays in the global tech environment.”
Max Keiser, Chairman of Volcano Energy, said:
“El Salvador has the volcanoes, natural resources, the talent, and now the expertise and support of Tether to be a Bitcoin mining powerhouse. Bitcoin Country will now also be known as Bitcoin mining country,”
To find out more about this and Tether’s other energy initiatives, check here.
As noted in the update, Tether is “a pioneer in the field of stablecoin technology, driven by an aim to revolutionize the global financial landscape.”
With a mission to provide accessible, secure, and efficient financial, communication, and energy infrastructure Tether says it “enables greater financial inclusion, fosters economic growth, and empowers individuals and businesses alike.”
As the creator of the largest, most transparent, and liquid stablecoin in the industry, Tether is dedicated “to building sustainable and resilient infrastructure for the benefit of underserved communities.”
By leveraging cutting-edge blockchain technology, it is committed “to bridging the gap between traditional financial systems and the potential of decentralized finance.”