Tether, the fintech platform behind the stablecoin, has initiated the initial phase of a billion-dollar funding aimed at a renewable energy project in El Salvador. This endeavor is intended to support and promote sustainable Bitcoin mining. The company will provide the required capital and expertise in energy, hardware, and communications to establish Volcanic Energy, a 241 MW renewable energy park in Metapan. The goal is to create one of the largest Bitcoin Mining Farms integrating solar and wind projects within a volcanic setting.

El Salvador, located in Central America, boasts significant geothermal energy potential, particularly in the village of El Chiste within the municipality of Matapan, Santa Ana, where the project will be developed. It will include 169 MW of photovoltaic energy and 72 MW of wind energy.

Paolo Ardoino, Tether's Chief Technology Officer, emphasized their company's unique role as an equity investor and advisor in renewable energy initiatives in El Salvador. He views Volcano Energy as a groundbreaking venture and anticipates it will position El Salvador as a global leader in renewable energy generation.

Tether aims to contribute to the viability of the Bitcoin network by actively engaging in renewable energy initiatives, aspiring to become a leading supplier in the mining sector.

Josue Lopez, CEO of Volcano Energy, highlights the growing proportion of environmentally sustainable Bitcoin mining and its potential to enhance El Salvador's global technology standing.

Max Keiser, Chairman of Volcano Energy, underscores El Salvador's natural resources, including volcanoes, and its collaboration with Tether, predicting it will emerge as a prominent Bitcoin mining hub globally.