Stablecoin issuer Tether has announced its partnership with the Bitcoin-friendly country of El Salvador to invest in a $1 billion renewable energy initiative. The country aims to drive Bitcoin (BTC) adoption after becoming the first nation to legalize BTC three years ago. The initiative involves a renewable energy park in Metapán that will utilize solar and wind energy to power and monetize Bitcoin mining operations. Tether is among the investors in the first round capital raise for the development of Volcano Energy, which will be a 241 MW renewable energy park, comprising 169 MW of photovoltaic solar energy and 72 MW of wind. The energy produced will power the Bitcoin mining farms in El Salvador, and Tether estimates the park’s computation power will exceed 1.3 exahashes per second, making it comparable to the top 20 pools globally. The stablecoin issuer is intent on promoting investment in renewable energy production and mining infrastructure. The investment amount was not disclosed in communication with Cointelegraph. The initiative has Bitcoin supporter, Max Keiser, as an adviser to President Nayib Bukele and the chairman of Volcano Energy. Economist and author of The Bitcoin Standard, Saifedean Ammous, is also involved in El Salvador’s governance as an economic adviser to the National Bitcoin Office.
The use of Bitcoin in El Salvador’s economy and society is a fascinating story, as explored by Cointelegraph’s Joe Hall during his visit to the country in 2022. Meanwhile, the proliferation of Bitcoin and its extensive usage in El Salvador have drawn comparison to the country’s Net Zero promises, as discussed in a recent magazine article.