Tether has invested in the startup that is building a Bitcoin mine in El Salvador.
Tether has invested in Max Keiser’s startup Volcano Energy, which is building a Bitcoin mining farm in El Salvador. Tether continues its investments in the cryptocurrency sector.
Tether Invests In A Mining Company In El Salvador
Tether has invested in a startup called Volcano Energy, which is building a Bitcoin mine in El Salvador. Tether CTO Paolo Ardoino said in a statement that Tether has invested in Volcano Energy’s first funding round of $250 million. Volcano Energy aims to establish a Bitcoin mining farm in El Salvador.
The Bitcoin mining farm planned by Volcano Energy will be located in the municipality of Metapan, located in the Santa Ana district of El Salvador. This farm is aimed to have a total power of 241 MW, of which 169 MW of photovoltaic solar power and 72 MW of wind power. According to estimates, this farm will be able to generate 1.3 exahash (EH/s) of computing power per hour.
While no detailed information was given about the size of Tether’s investment, Ardoino stated that Tether’s investment in Volcano Energy was limited and was covered by the company’s excess reserves. Tether’s excess reserves consist of a minimum of 100 percent reserves the company holds to support the stablecoin tokens it issues, as well as the profits it makes.
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