El Salvador’s Volcano Energy Secures $1B in Commitments for 241 MW Bitcoin Mine

The mining site will be powered with 169 MW of solar and 72 MW of wind energy to bring computing power of over 1.3 exahash/second (EH/s).The total commitment for the project is $1 billion, starting with an initial investment of $250 million, bootstrapped by key Bitcoin industry players, including developers and manufacturers of renewable energy technology as well as Bitcoin mining experts on a global scale, states the press release.The Government of El Salvador will play a crucial role in the planning and execution of the initiative, securing a preferred participation equivalent to 23% of the revenues.The investors will own 27% and the remaining 50% will be reinvested in expanding energy production capacity and advancing Bitcoin mining.USDT stablecoin issuer Tether is among the initial investors in the project.“We are excited to be among the initial pioneers of renewable energy in El Salvador as an equity investor and advisor,” said Paolo Ardoino, Chief Technology Officer at Tether.

Press Release / Archive
Tether Press Release / Archive

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