- The Salvadoran firm has received a $1 billion investment to do so
- Tether is among the investors
- The facility will exclusively consume solar and wind power
Salvadoran company Volcano Energy announced plans on its Twitter account to build a bitcoin mine that will have a capacity of 241 megawatts. It is known that the project wants to be implemented in the village of El Chiste in the municipality of Metapan, Santa Ana. To this end, it will attract $1 billion of investment from leading investors in the cryptocurrency sector, including the company Tether. The initial funding is $250 million.
Volcano Energy said in a statement:
“Our goal is to position El Salvador as a promising country for bitcoin mining, while promoting energy competitiveness”
According to the official press release, the mining center will run on 169 MW of solar power and 72 MW of wind power, which should provide over 1.3 exaches per second of computing power.
The company also said in its statement that the government’s role in implementing the initiative. The Salvadoran authorities will play a key role in the planning and implementation of this initiative, providing a privileged participation of 23% of revenues. Investors will own 27% of the shares and the remaining 50% will be “reinvested” to expand energy production capacity and develop BTC mining.
The head of Volcano Energy, Max Keiser, said:
“El Salvador has the volcanoes, natural resources, talent and now Tether expertise and support to become the leading Bitcoin mining hub. Bitcoin country will now also be known as bitcoin mining country.”
A short time ago, a Dubai-based developer announced that it plans to build the world’s first “Bitcoin Tower.”. The goal of this ambitious project is to demonstrate the importance of digital assets and cryptocurrencies.