El Salvador continues to boost its Bitcoin (BTC) adoption journey.
A stablecoin USDT issuer, Tether, has decided to invest in El Salvador's ambitious renewable energy venture worth $1 billion.
In the latest development, the country is building a renewable energy hub in Metapán. The main goal of this venture is to use solar and wind energy to fuel and contribute to monetizing Bitcoin mining operations. The power generated here will be the lifeblood of the Bitcoin mining establishments in the country.
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With financing from Tether, the renewable energy park, Volcano Energy, will give rise to a 241-megawatt renewable energy complex, which will include 169 MWs of solar energy from photovoltaic sources and 72 MWs of wind energy.
As per Tether's estimation, the computational strength of this park could surpass 1.3 exahashes per second. Such an output would place Volcano Energy's cumulative Bitcoin mining hash rate among the world's top 20 mining pools.
Paolo Ardoino, the CTO of Tether, emphasized the importance of this investment, stating that it aligns with Tether's goals of promoting renewable energy production and improving mining infrastructure.
The CEO of Volcano Energy, Josue Lopez, painted a promising picture of the future. He believes the park will set the standard for Bitcoin mining powered by sustainable resources.
Amid an expanding and fiercely competitive landscape, he believes initiatives like this will increase the percentage of sustainable Bitcoin mining:
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.
The specifics of Tether's investment, however, remain under wraps.
The increasing prominence of Bitcoin in El Salvador, as well as its broad usability, paints an intriguing picture of a nation embracing a digital financial revolution. The pioneering venture in El Salvador clearly illustrates how the world of digital currencies and sustainability can intersect to create a promising future.
In other El Salvador-related news, the author of "The Bitcoin Standard," Dr. Saifedean Ammous, has been named the National Bitcoin Office of El Salvador Economic Advisor.
