{"id":51458,"date":"2023-06-07T05:06:14","date_gmt":"2023-06-07T09:06:14","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=51458"},"modified":"2023-06-07T05:06:17","modified_gmt":"2023-06-07T09:06:17","slug":"volcano-energy-invests-250m-in-el-salvadors-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/volcano-energy-invests-250m-in-el-salvadors-bitcoin-mining\/","title":{"rendered":"Volcano Energy Invests $250M in El Salvador’s Bitcoin Mining"},"content":{"rendered":"\n

Renewable energy developer Volcano Energy has invested $250M as part of its $1B commitment to Bitcoin mining<\/a> in El Salvador. The funds would be used to construct a 241 MW solar and wind power generation park.<\/p>\n\n\n\n

\"Volcano
Volcano Energy Invests $250M in El Salvador's Bitcoin Mining<\/figcaption><\/figure>\n\n\n\n

The first $250 million has been contributed to the public-private partnership in El Salvador that will invest $1 billion to build a Bitcoin mine. This initial funding injection launches 241 megawatts (MW) of Bitcoin mining in El Salvador. <\/p>\n\n\n\n

Max Keiser, the chairman of Volcano Energy, announced the news via Twitter on June 7th. The renewable energy <\/a>developer Volcano Energy stated that the funds would be used to construct a 241 MW solar and wind power generation park in the northwestern municipality of Metapan, which will ultimately power the Bitcoin mining farm.<\/p>\n\n\n\n

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.@Volcano_Energy\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> \ud83c\udf0b\ud83d\udd0c receives the first $250M of a $1 billion commitment that kickstarts 241 MW\u2019s of #Bitcoin<\/use><\/svg><\/span><\/a> mining in El Salvador.

\u201cWe Got The Power\u201d https:\/\/t.co\/j2wE6UJq0O<\/use><\/svg><\/span><\/a> pic.twitter.com\/db3PZvFo4q<\/use><\/svg><\/span><\/a><\/p>— Max Keiser (@maxkeiser) June 7, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Bitcoin mining utilizes high-powered computers connected to a global network, consuming enormous electricity. Environmentalists are concerned that the energy-intensive practice will exacerbate deforestation and climate change.<\/p>\n\n\n\n

Tether is listed as an investor in first-round capital financing<\/use><\/svg><\/span><\/a> to develop Volcano Energy, although their investment amount currently needs to be discovered. <\/p>\n\n\n\n

Paolo Ardoino, chief technology officer of Tether, stated that the investment signifies the stablecoin issuer's intent to promote investment in renewable energy production and mining infrastructure.<\/p>\n\n\n\n

Volcano Energy estimates that the 241 MW of power generation capacity will be split between 169 MW of photovoltaic solar energy and 72 MW of wind energy. <\/p>\n\n\n\n

Tether estimates that the computing capacity of the park exceeds 1.3 exahashes per second. If attained, this would place Volcano Energy's cumulative Bitcoin mining hash rate <\/a>among the top 20 worldwide pools.<\/p>\n\n\n\n

According to Volcano Energy, the park is a pioneering example of Bitcoin mining powered by renewable energy, reflecting the industry's constant innovation and expansion.<\/p>\n\n\n\n

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“Flip the script on traditional finance. Volcano Energy is powering the Bitcoin revolution in El Salvador with renewable energy.”<\/em><\/p>\n<\/blockquote>\n\n\n\n

The government of El Salvador will play a pivotal role in the initiative's planning and implementation, securing a preferred participation equal to 23% of revenues. The remaining 50% will be reinvested in expanding energy production capacity and advancing Bitcoin mining.<\/p>\n\n\n\n

Bitcoin advocate and broadcaster Max Keiser play a pivotal role in El Salvador's adoption initiatives, serving as an advisor to President Nayib Bukele and as chairman of Volcano Energy.<\/p>\n\n\n\n

After becoming the first nation to make Bitcoin lawful tender roughly three years ago, the Central American country continues to promote Bitcoin adoption.<\/p>\n","protected":false},"excerpt":{"rendered":"

Renewable energy developer Volcano Energy has invested $250M as part of its $1B commitment to Bitcoin mining in El Salvador. The funds would be used to construct a 241 MW solar and wind power generation park. The first $250 million has been contributed to the public-private partnership in El Salvador that will invest $1 billion […]<\/p>\n","protected":false},"author":12,"featured_media":51462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[754,456,14750],"class_list":["post-51458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin-mining","tag-el-salvador","tag-volcano-energy"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/image-22.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/51458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=51458"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/51458\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/51462"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=51458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=51458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=51458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}