El Salvador has formalized the launch of a new Bitcoin mining farm in its country: Volcano Energy, with an estimated capacity of 1.3 EH/s that would become one of the largest plants in the world. Mainly powered by wind and solar energy.
He advertisement The official account of Volcano Energy did it. In the statement it was explained that the mining farm would generate its own power, with a capacity of 169 MW of solar energy and 72 MW of wind energy, giving a total of 241 MW. It will be located in the town of Metapan.
The total investment of USD 1,000 million and would be of mixed capital, between state and private. Among the private investors that will participate in this new mining farm is Tether, the issuing company of the largest stablecoin in the market, who began to expand their operations to the area of bitcoin miningbeing Uruguay his first destination, according to reported CryptoNews.
“Volcano Energy represents one of the most innovative and strategic initiatives in which we are investing and we look forward to working together with Josué López and his team to make El Salvador a global force in the production of renewable energy. This investment continues Tether’s journey in diversifying its strategic ecosystem.”
Paolo Ardoino, CTO of Tether
The dividends generated by the mining farm will be distributed in 23% for the state and 27% for private investors. While 50% will be reinvested to expand energy production and mining capacity.
In a first stage, the farm will require an investment of USD 250 million to start the construction of the facilities, of which, according to the statement, it is not yet planned when it will start operating.
El Salvador has other Bitcoin mining facilities, some powered by volcanic energy, such as the one installed in the town of Usulután, according to a CriptoNoticias report.