tether bitcoin mining

Tether invests $1 billion to create volcano-powered Bitcoin mining giant in El Salvador

  • Tether leads a $1 billion investment in building the world’s largest Bitcoin mining site in El Salvador, using the country’s volcanic energy.
  • The project, known as “Volcano Energy,” will draw on Tether’s expertise in renewable energy, hardware, and communications to establish a sustainable and strategic mining operation.
  • This initiative reinforces Tether’s commitment to diversify its ecosystem and support Bitcoin mining for the long term, and builds on its recent investments in Uruguay and support for crypto reforms in El Salvador.

Tether announced yesterday, June 5, its investment of $1 billion in the construction of the world’s largest Bitcoin mining site in El Salvador.

The company participated in the first round of financing for this billion-dollar project, focusing on investing in renewable energy to support Bitcoin mining.

The mining site will harness the country’s volcanic energy and generate 241 megawatts of renewable energy in Metapán.

Volcano Energy: a strategic initiative backed by Tether

Tether will contribute its expertise in energy, hardware and communications to the construction of “Volcano Energy”, in addition to financing the project.

Paolo Ardoino, Tether’s CTO, expressed excitement about being one of the pioneers in renewable energy in El Salvador as an investor and advisor. Ardoino highlighted the importance of this initiative to make El Salvador a world benchmark in the production of renewable energy.

This investment is part of Tether’s strategic diversification approach. In fact, it seeks to support Bitcoin mining in a sustainable manner and is moving away from its core business, USDT, by investing in renewable energy infrastructure.

The recent investment announcement in Uruguay and now in El Salvador demonstrates their focus on sustainable mining. Paolo Ardoino, on Twitter, praised El Salvador’s potential as a Bitcoin nation and assured that the investment in Volcano Energy comes from its own reserves and does not affect the reserves that back the issued tokens.

El Salvador and its pioneering role in the adoption of cryptocurrencies

El Salvador has been implementing changes to the regulation of cryptocurrencies, including stablecoins.

President Nayib Bukele has promoted these reforms to promote tolerance towards other digital assets in the country. Tether has shown its support for these initiatives and has praised El Salvador’s leadership in terms of technology and financial autonomy, wishing that European countries were equally advanced in these aspects.

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