The country of Bitcoin , "El Salvador", has been rumored since the beginning of June that it will build a volcanic energy mining business with the developer Volcano Energy, and the stablecoin issuer Tether is an investor in the first round of financing. Now this plan has been confirmed. Volcano Energy Energy even stated that it will build the world's first national-level mining pool. The external press release stated:
We are excited to announce our next project: creating our own mining pool in partnership with El Salvador. This step will promote our integration into the Bitcoin network. Stay tuned for more updates!
In addition to the mining pool, the investment in the mine has also been greatly increased
Volcano Energy located the park in the town of Metapán in the northwest of El Salvador. The power generation park's capacity is divided into 169 MW of photovoltaic solar energy and 72 MW of wind energy, for a total installed capacity of 241 MW.
All the energy produced by this park will provide computing power for the Bitcoin mine in El Salvador, and its initial computing capacity is expected to exceed 1.3 EH/s (according to CoinWarz data , the current Bitcoin network computing power is about 300-400 EH/s s), it is expected that Volcano Energy’s Bitcoin mining computing power will directly enter the top 15 mining pools in the world.
In fact, El Salvador's entry into the bitcoin mining industry can be traced back to 2021. In 2021, they launched a bitcoin mine with the most advanced equipment at the Berlin geothermal power plant Usulután in the east of the country. Now El Salvador will become the world's The first country in the world to have its own mining pool.
Volcano Energy CEO Josue Lopez said:
Currently, more than 52% of Bitcoin mining is renewable energy. We believe that through significant investments like ours, this percentage will increase significantly in the coming years.
The government of El Salvador takes 23% of the proceeds
Volcano Energy stated that the El Salvador government plays a vital role in this plan. In terms of future income distribution, the El Salvador government will have a priority participation right equivalent to 23% of the income, and investors will own 27%, and the remaining 50% It will also be reinvested to expand energy capacity and continue to advance the bitcoin mining business.
The project is valued at $1 billion, with an initial round of funding of $250 million. As an investor in the first round, Paolo Ardoino, chief technology officer of Tether, also said about the investment:
As equity investors and advisors, we are delighted to be one of the original pioneers of renewable energy in El Salvador. Volcano Energy is one of the most groundbreaking and strategic projects we are investing in, and this investment continues Tether's progress in diversifying its strategic ecosystem.
