Tether has announced that it will be partnering with Bitcoin-friendly nation El Salvador to invest in a planned $1 billion dollar renewable energy initiative.
Tether is among investors in a first-round capital raise to develop Volcano Energy, a soon-to-be-developed 241-megawatt (MW) renewable energy park. The site is located in Metapán and will comprise 169 MWs of photovoltaic solar energy and 72 MWs of wind.
The energy produced will power Bitcoin mining farms in El Salvador, with Tether estimating the park’s computation power surpassing 1.3 exahashes per second. This output would put the cumulative Bitcoin mining hash rate from Volcano Energy in the top 20 pools operating globally.
Tether is expanding its business in bitcoin mining. The company has launched Bitcoin mining operations in Uruguay, in collaboration with a local licensed company, as reported recently.
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