Volcano Energy: the Upcoming Bitcoin Mining Center in El Salvador

[Judi Lynn]

By
Victor Alexander
PRO INVESTOR
Updated: 06 June 2023



El Salvador, in collaboration with Tether, is set to build a cutting-edge Bitcoin mining center dubbed ‘Volcano Energy.’ The investment from Tether not only provides capital but also adds their extensive knowledge in the fields of energy, hardware, and communications. This represents a significant milestone in the renewable energy project.

The plan put forward by El Salvador is focused on leveraging the country’s rich natural resources to revolutionize Bitcoin mining. The project aims to enhance energy competitiveness, diversity, and geographical expansion of the Bitcoin network, thereby establishing the country as a significant global entity in the Bitcoin mining sector.

El Salvador’s innovative strategy involves developing a renewable energy park with a capacity of 241 MW in the Metapán region. The development will be debt-free and will integrate solar and wind energy projects. The selected site in the El Shiste hamlet in Metapán has been chosen due to its abundant solar and wind energy potential. The park is anticipated to produce 169 MW of solar photovoltaic energy and 72 MW of wind energy.

This ambitious project anticipates initial computational power to surpass 1.3 EH/s, setting a significant precedent for El Salvador and the Bitcoin industry. The total investment for the ‘Volcano Energy’ project is estimated at $1 billion, with the initial investment pegged at $250 million. Top developers and manufacturers in the renewable energy field, along with leading individuals from the web3 industry, are actively contributing to the project.

More:
https://insidebitcoins.com/news/volcano-energy-the-upcoming-bitcoin-mining-center-in-el-salvador