Volcano Energy, the Bitcoin mining company of El Salvador, started operations with an investment of $ 250 million.
Volcano Energy, a public-private partnership in El Salvador, has pledged to spend $1 billion to build a Bitcoin mining facility. Initially offering $250 million in funding, the company has launched a 241-megawatt power generation facility in the country’s Metapan region.
Tether Is Among the Investors of the Facility
Volcano Energy said that the funds raised will develop the power generation facility using solar and wind power, which will then power the Bitcoin mining operation.
Stablecoin issuer Tether was among the investors in the first round of funding to develop Volcano Energy, but the figure for the company’s investment has yet to be disclosed. Tether chief technology officer Paolo Ardoino said the investment signals the stablecoin issuer’s intention to invest in renewable energy generation and mining infrastructure.
According to Tether, the computing power of the mining facility is estimated to exceed 1.3 exahash per second. If this move is successful, Volcano Energy’s cumulative Bitcoin mining hash rate will position it among the top 20 pools worldwide.
Volcano Energy made a statement on the subject: “Reverse the traditional finance scenario. Volcano Energy powers the Bitcoin revolution in El Salvador with renewable energy. The Salvadoran government will play an important role in the planning and execution of the initiative and will secure privileged participation, which amounts to 23 percent of revenues.
Additionally, Max Keiser, a Bitcoin advocate, plays a key role in El Salvador’s adoption initiatives and serves as an advisor to President Nayib Bukele and chairman of Volcano Energy.
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