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An El Salvador-based bitcoin firm has launched the first phase of a $1 billion investment in sustainably operated digital asset mining in the country.
The investment includes backing Tether — the world’s largest stablecoin provider — which last month revealed it was entering mining in Uruguay.
- The firm behind the project, “Volcanic Energy,” said in a Press release Its main goal is to “establish El Salvador as a major global player in the bitcoin mining industry.”
- So far, the firm has raised $250 million for the project, bootstrapped by “prominent bitcoin industry leaders” and “top makers” of bitcoin industry technology.
- Tether CTO Paolo Ardoino announced on Monday that the stablecoin issuer is one such participant. “El Salvador has enormous potential as a global energy and bitcoin hub, and we at Tether are grateful to be part of this opportunity,” he added.
- in a separate Press release, Tether said that El Salvador has the “highest geothermal energy production”. The region is occupied by more than a dozen volcanoes that its national government already Exhibited BTC is being used for mining.
- Volcanic Energy’s project will include geothermal, wind-powered and solar-powered mining. Currently, the company is developing a 241 MW power generation facility, which will start with a computational capability of 1.3 EH/s.
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