Tether to Support El Salvador in Establishing $1 Billion Renewable Energy Project
The leading stablecoin issuer Tether announced on Tuesday plans to partner with the El Salvador government. Per the announcement, Tether plans to invest measurable resources to boost the El Salvador $1 billion renewable energy project.
In an earlier report, the Bitcoin-friendly country plans to establish a 241-megawatt (MW) renewable energy plant. According to the report, it was estimated that 169MWs would be generated from photovoltaic solar while 72MWs from wind energy.
Tether Partners with El Salvador
The new site will be established in Metapan and will support the country in developing the largest Bitcoin mining farm. Over the past, the Metapan region has been generating sustainable amounts of solar and wind energy.
As of this publication, Tether joins other investors seeking to raise the first round capital for the new site. The initial investment for Volcano Energy requires $250 million capital.
Per the Volcano Energy report, leading tech and crypto firms would raise the first investment. The Tether team anticipates that energy produced from the Metapan power plant would increase Bitcoin mining activities in the region.
A close estimate issued by the Tether team revealed that the computation power of the new site would reach 1.3 exahashes per second.
Overview of Bitcoin Mining Activities in El Salvador
The Tether team argued that the high output of the Bitcoin mining hash rate generated from the Volcano energy would increase. An increasing mining hash rate would position El Salvador among the top 20 best-performing global pools.
An official report issued by Tether chief technology officer Paolo Ardoino revealed that the investment would mark a significant milestone in increasing renewable energy production. Ardoino stated that Tether’s investment aims to support the expansion of Bitcoin mining activities.
In support of this, the chief executive of Volcano Energy, Josue Lopez, revealed that the Metapan site would become a benchmarking scheme for Bitcoin mining firms. Lopez remains optimistic that the Bitcoin mining sector will continue to evolve due to advancements in technology and innovation.
He noted that around 52% of Bitcoin mining activities utilize sustainable energy. Lopez believes investing in sustainable energy would increase the Bitcoin mining activities in the region.
El Salvador Recruits New Advisers
President Nayib Bukele’s administration recently appointed the famous author of The Bitcoin Standard, Saifedean Ammous, as a strategic economic adviser. Ammous is expected to advise President Bukele to develop friendly policies that increase Bitcoin adoption in the region.
In his new role, Ammous is expected to work closely with Max Keiser, appointed as Volcano Energy’s chair. Keiser is also an adviser to President Bukele.
While executing his core duties, Keiser has focused more on driving the high adoption of Bitcoin in El Salvador. Nonetheless, the Central American country has signaled positive outcomes in Bitcoin adoption and crypto payments.
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