Tether, the issuer of the largest stablecoin USDT,;has invested in;a Bitcoin mining project dubbed Volcano Energy in the startup's first $250M funding round.
;Volcano Energy aims to build a Bitcoin mining facility in Metapan, a municipality in El Salvador,;where Bitcoin (BTC) became legal tender in September 2021.
The El Salvadorian startup seeks to eventually raise $1B to fund the planned mining operation.
- The mining facility will have a capacity of 241 megawatts.
- The total power will be split into 169 megawatts of photovoltaic solar energy and 72 megawatts of wind energy.
- This energy is expected to generate a computing power of over 1.3 exahashes per second (EH/s).
- Tether's chief technology officer (CTO), Paolo Ardoino, said the firm is excited to be one of;the initial pioneers of renewable energy in El Salvador as an;equity;investor and advisor.;
The move came nearly one week after Tether;announced that;it would start mining Bitcoin in Uruguay in collaboration with a local licensed company, investing in the undisclosed firm.;
- At the time, the stablecoin issuer cited Uruguay's renewable energy capabilities while explaining the decision to choose the country.
- The firm also recently;announced that;it would start investing 15% of its monthly net profit in Bitcoin on a regular basis as of May to diversify its reserves backing;USDT, whose value is pegged to the U.S. dollar (USD).