- For this, the Salvadoran firm received an investment of $1 billion.
- Among the investors is Tether
- The facility will consume exclusively solar and wind energy
Salvadoran company Volcano Energy on its Twitter informed about plans to create a bitcoin mine, which will have a capacity of 241 megawatts. It is known that they want to implement the project in the village of El Chiste in the municipality of Metapan, Santa Ana. To this end, $1 billion of investments will be attracted from leading investors in the cryptocurrency sector, among which is 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 at the same time promoting energy competitiveness”
According to the official press release, the mining center will be powered by 169 MW of solar power and 72 MW of wind power, which should provide computing power of more than 1.3 exahash per second.
Also in its statement, the company announced the role of the government in the implementation of this initiative. The El Salvadoran authorities will play a key role in the planning and implementation of this initiative, providing a preference share of 23% of the proceeds. Investors will own 27% of the shares, and the remaining 50% will be “reinvested” to expand energy production capacities and develop BTC mining.
The head of Volcano Energy, Max Keizer, said:
“El Salvador has volcanoes, natural resources, talent, and now the experience and support of Tether to become a leading Bitcoin mining hub. The country of bitcoins will now also be known as the country of bitcoin mining”
Recently, a developer from Dubai announced that it plans to build the world’s first “Bitcoin Tower”. The purpose of this ambitious project is to demonstrate the importance of digital assets and cryptocurrencies.