El Salvador’s Renewable Energy Mining Facility Invests $1 Billion ─ Tether Participates | coindesk JAPAN | Coindesk Japan

Volcano Energy will invest $1 billion (about 140 billion yen, equivalent to 140 yen to the dollar) in building a Bitcoin mining facility in El Salvador. The company posted a press release on Twitter on June 5. According to another release obtained by CoinDesk, Tether, the company behind stablecoin USDT, has joined the investment.

The mining facility will operate with 169 megawatts (MW) of solar energy and 72 MW of wind energy, for a total of 241 MW, yielding more than 1.3 exahash/second (EH/s) of computing power.

The Salvadoran government has played a “key role” in planning and execution and has secured “preferential participation rights equal to 23% of the proceeds,” Volcano Energy said.

So far, the company’s mining facility concept has focused on El Salvador’s geothermal energy potential. It is unclear whether the new solar and wind energy facilities will be connected to geothermal utilization. In a press release, the company said the mining facility is intended as “a pathway to the geothermal future,” but no specific plans were revealed.

Meanwhile, Tether, which is joining the investment, is looking to diversify its “strategic ecosystem”, with Volcano Energy being one of the “most groundbreaking” initiatives backed by Tether, according to Paolo Ardoino. Chief Technology Officer said.

Tether has made a number of investment moves in recent weeks, including bitcoin mining in Uruguay and buying bitcoin to add to its USDT reserves.

Given the limited opportunities for new mining facility development in North America, mining companies are looking to invest in Latin America and the Middle East.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: El Salvador’s Volcano Energy Secures $1B in Commitments for 241 MW Bitcoin Mine