El Salvador's Volcano_Energy has received $1 billion in commitments to build bitcoin mining sites in that country. egreechee reports
. One of the investors is Tether, the issuer of stablecoin USDT, according to a separate press release shared with CoinDesk.
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 , the press releases said. It will be located in Metapán, Santa Ana, in the country's northwest. The government will play"a crucial role" in planning and execution and has secured a"preferred participation equivalent to 23% of revenues," said Volcano. The outside investors will own 27% of the venture and the remaining 50% will be"reinvested" to expand energy production and mining capacities, the firm said.
Tether has been trying to diversify its"strategic ecosystem" and Volcano Energy represents one of"the most ground-breaking" initiatives it has backed, said Chief Technology Officer Paolo Ardoino. The stablecoin issuer has been busy on the investment front in the past few weeks, including on
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