Following the company’s announcement that it will build a sustainable Bitcoin mining operation in Uruguay, the stablecoin issuer Tether has disclosed its investment in a Salvadoran bitcoin mining operation called “Volcano Energy.”
Tether Backs Volcano Energy
Tether is increasing its investments in recent times, having announced a mining project in Uruguay and revealing an investment in the Georgia-based payment processing company Citypay.io. The stablecoin company, responsible for the largest stablecoin asset by market cap (USDT), disclosed on Monday that it participated in a $1 billion investment in Volcano Energy, which is backed by Max Keiser.
The funds obtained by Volcano Energy will be utilized for a 241-megawatt (MW) renewable energy mining facility in Metapán. The data center will harness photovoltaic solar and wind power to fuel the company’s operations. Tether and Volcano Energy anticipate a substantial increase in the proportion of sustainable bitcoin mining in the forthcoming years.
🌋 Energy 🇸🇻 https://t.co/dqvly29BUo
— Josue Lopez 🇸🇻🇨🇭 (@JosueLopezGal) June 3, 2023
“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,” Tether’s CTO Paolo Ardoino said on Monday.
Josue Lopez, CEO of Volcano Energy, stated on Monday that 52% of the existing bitcoin mining operations utilize sustainable and renewable energy sources. “We believe this percentage will significantly increase in the coming years, through important investments like ours,” Lopez said. “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.”
What do you think about Tether investing in El Salvador’s Volcano Energy? Share your thoughts and opinions about this subject in the comments section below.
