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Tether paves the way for green crypto mining with $250 million investment in El Salvador

El Salvador

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TL;DR

 

  • Tether is investing $250 million in a renewable energy project in El Salvador to advance sustainable cryptocurrency mining.
  • The project will have a capacity of 241 megawatts, consisting of 169 megawatts of solar power and 72 megawatts of wind power.
  • Tether’s Chief Technology Officer, Paolo Ardoino, expressed enthusiasm for the project.

In a groundbreaking partnership to advance sustainable cryptocurrency mining, Tether, the prominent stablecoin provider, has committed a substantial investment of $250 million into a renewable energy project in El Salvador. This move by Tether signifies a significant step towards a greener and more eco-friendly future for the cryptocurrency industry.

The investment will be directed towards developing a pioneering renewable energy park named “Volcano Energy” in the picturesque city of Metapán, nestled in the country’s northern region. Tether’s ambitious vision for this project is to harness the abundant solar and wind power in the volcanic region, ultimately creating a large-scale Bitcoin mining farm.

Volcano Energy will feature a state-of-the-art energy infrastructure, boasting an impressive capacity of 241 megawatts. The chosen site, strategically located in the El Chiste hamlet, will incorporate 169 megawatts of solar power and 72 megawatts of wind power. This dynamic combination is projected to generate a colossal computing power of over 1.3 exahash, which will play a pivotal role in supporting essential cryptocurrency mining operations.

Paolo Ardoino, Tether’s esteemed Chief Technology Officer, commended the “Volcano Energy” project for its innovative and strategic nature. Ardoino expressed great enthusiasm about collaborating with Josue Lopez, El Salvador’s Bitcoin consul and the CEO of the project, as well as his exceptional team.

Lopez, in a statement, emphasized that over 52% of Bitcoin mining is currently conducted through sustainable methods. He added, “We believe this percentage will significantly increase through important investments like ours in the coming years.” The collaboration between Tether and El Salvador is a powerful testament to the potential of sustainable mining practices and their positive environmental impact.

While Tether declined to disclose whether USDT tokens would be involved in the investment, a spokesperson clarified that the acquisition would not utilize or affect the reserves supporting the tokens. The spokesperson emphasized that the investment’s magnitude is well within Tether’s excess reserves and does not impact the tokens’ underlying reserves.

El Salvador’s journey into harnessing Bitcoin mining using geothermal energy from its volcanoes began in 2021. President Nayib Bukele’s vision for a volcano-powered mining industry was met with skepticism from some environmentalists, including Ricardo Navarro, who argued that it could lead to ecological challenges. However, this collaboration with Tether brings a more sustainable approach, combining renewable energy sources with cutting-edge technology.

As El Salvador takes the lead in pioneering sustainable cryptocurrency mining, the world looks on with anticipation. The Tether-backed Volcano Energy project is expected to ignite a wave of progress in the industry, showcasing the immense potential of renewable energy in supporting the future of Bitcoin mining while prioritizing environmental conservation.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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