El Salvador's Volcano Energy Secures $1B in Commitments for 241 MW Bitcoin Mine
Volcano Energy announced $1 billion in commitments to build a 241 megawatt (MW) bitcoin mine in the Metapán region of El Salvador.
- The mining site will be powered with 169 MW of solar and 72 MW of wind energy to bring computing power of over 1.3 exahash/second (EH/s).
- The total commitment for the project is $1 billion, starting with an initial investment of $250 million, bootstrapped by key Bitcoin industry players, including developers and manufacturers of renewable energy technology as well as Bitcoin mining experts on a global scale, states the press release.
- The Government of El Salvador will play a crucial role in the planning and execution of the initiative, securing a preferred participation equivalent to 23% of the revenues.
- The investors will own 27% and the remaining 50% will be reinvested in expanding energy production capacity and advancing Bitcoin mining.
- USDT stablecoin issuer Tether is among the initial investors in the project.
- “We are excited to be among the initial pioneers of renewable energy in El Salvador as an equity investor and advisor,” said Paolo Ardoino, Chief Technology Officer at Tether.
