{"id":5392,"date":"2023-06-05T23:11:14","date_gmt":"2023-06-06T03:11:14","guid":{"rendered":"http:\/\/leadingcryptonews.com\/tether-joins-1-billion-bitcoin-mining-initiative-in-el-salvador\/"},"modified":"2023-06-05T23:11:14","modified_gmt":"2023-06-06T03:11:14","slug":"tether-joins-1-billion-bitcoin-mining-initiative-in-el-salvador","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/tether-joins-1-billion-bitcoin-mining-initiative-in-el-salvador\/","title":{"rendered":"Tether Joins $1 Billion Bitcoin Mining Initiative in El Salvador"},"content":{"rendered":"


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An El Salvador-based Bitcoin firm has begun the first phase of a planned $1 billion investment into sustainably powered digital asset mining in the country.<\/span><\/p>\n

The firm behind the project, \u201cVolcano Energy,\u201d said in a <\/span>press release<\/span> that its chief goal is to \u201cposition El Salvador as a prominent global player in the Bitcoin mining industry.\u201d<\/span><\/p>\n

A Special Anniversary Announcement<\/h2>\n

Volcano Energy\u2019s <\/span>announcement<\/span> comes exactly two years after El Salvador President Nayib Bukele revealed that Bitcoin would be deemed legal tender across his country in June 2021.\u00a0<\/span><\/p>\n

So far, the firm has raised $250 million for the project, bootstrapped by \u201ckey Bitcoin industry leaders,\u201d and \u201ctop manufacturers\u201d of Bitcoin industry tech.\u00a0<\/span><\/p>\n

Right now, the company is developing a 241 MW capacity power generation facility powered solely by wind and solar, starting with a computational capacity of 1.3 EH\/s. This will pave the way for geothermal-powered mining down the line.\u00a0<\/span><\/p>\n

Max Keiser<\/span> \u2013 a member of El Salvador\u2019s national Bitcoin Office \u2013 is now the Chairman of Volcano Energy.\u00a0 \u201cThe goal is economic liberty, self-determination & sovereign wealth accumulation for generations to come,\u201d he said in a tweet regarding the raise.<\/span><\/p>\n

El Salvador\u2019s government will be involved with planning and executing the initiative and will earn 23% of the Bitcoin revenue it generates. Another 27% of revenues will go to investors, while the final 50% is reinvested into developing mining infrastructure.<\/span><\/p>\n

El Salvador is occupied by more than a dozen volcanoes that its national government has already demonstrated<\/span> being used to mine BTC.\u00a0<\/span><\/p>\n

Tether\u2019s Involvement<\/h2>\n

The investment includes backing from Tether \u2013 the world\u2019s largest stablecoin provider \u2013 which revealed last month that it was breaking into mining in Uruguay. Given Tether\u2019s domination of the stablecoin space, the company <\/span>reported<\/span> a net profit of $1.5 billion in Q1 2023.\u00a0<\/span><\/p>\n

Tether CTO Paolo Ardoino <\/span>clarified<\/span> on Monday that its investment is \u201cwell within its own excess reserves,\u201d and that all USDT tokens remain fully backed.<\/span><\/p>\n

\u201cThe potential of El Salvador as the global energy and bitcoin hub is immense, and at Tether we\u2019re grateful to be part of this opportunity,\u201d he said.<\/span><\/p>\n

Tether revealed last month that it is investing in sustainable Bitcoin mining in Uruguay, where it plans to leave a \u201cminimal ecological footprint.\u201d<\/span><\/p>\n

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An El Salvador-based Bitcoin firm has begun the first phase of a planned $1 billion investment into sustainably powered digital asset mining in the country. The firm behind the project, \u201cVolcano Energy,\u201d said in a press release that its chief goal is to \u201cposition El Salvador as a prominent global player in the Bitcoin mining […]<\/p>\n","protected":false},"author":1,"featured_media":5393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"yoast_head":"\nTether Joins $1 Billion Bitcoin Mining Initiative in El Salvador - Leading Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadingcryptonews.com\/tether-joins-1-billion-bitcoin-mining-initiative-in-el-salvador\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether Joins $1 Billion Bitcoin Mining Initiative in El Salvador\" \/>\n<meta property=\"og:description\" content=\"An El Salvador-based Bitcoin firm has begun the first phase of a planned $1 billion investment into sustainably powered digital asset mining in the country. 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