• Volcano Energy raised $250 million for their Bitcoin mining initiative in El Salvador, with the goal of establishing El Salvador as a global leader in the Bitcoin mining industry.
• The project is powered by wind and solar energy, with plans to use geothermal energy down the line.
• Max Keiser is Chairman of Volcano Energy, and President Nayib Bukele’s goal is to promote economic liberty and wealth accumulation for future generations.
Tether Joins $1 Billion Bitcoin Mining Initiative in El Salvador
Tether has joined an El Salvador-based firm called Volcano Energy in a $1 billion investment into sustainably powered digital asset mining across the country. The company has already raised $250 million of that investment from key Bitcoin industry leaders and top manufacturers of Bitcoin technology. This project will have a 241 MW capacity power generation facility powered solely by wind and solar energy, starting with 1.3 EH/s computational capacity. Geothermal energy will be used for this project further down the line.
Max Keiser Appointed as Chairman
Max Keiser has been appointed as Chairman of Volcano Energy, which was announced two years after President Nayib Bukele declared that Bitcoin would be legal tender across the country in June 2021. In a tweet regarding the raise, Keiser said his goal was “economic liberty, self-determination & sovereign wealth accumulation for generations to come” – an idea supported by President Bukele’s government who are involved with planning and executing this initiative and will receive 23% of the generated Bitcoins revenue.
Volcano Energy’s main ambition is to “position El Salvador as a prominent global player in the Bitcoin mining industry” whilst promoting economic liberty and wealth accumulation for future generations through this initiative. By using renewable energies such as wind and solar power (with geothermal power planned further down), they hope to achieve this ambition sustainably whilst still being able to generate significant revenue from mined Bitcoins.
Advantages for El Salvador
This plan from Volcano Energy could bring many advantages to El Salvador if it succeeds – not only will it create more jobs in the region but also provide a sustainable way of generating income from renewable energies like wind or solar power instead of relying on foreign aid or remittances sent back home from abroad; very important given that nearly 25% of all households receive some form of remittance money sent back home every month according to World Bank figures from 2019/20.. This could improve life standards drastically over time if successful enough – something which President Nayib Bukele is striving towards since declaring Bitcoin legal tender two years ago .
It remains to be seen how successful Volcano Energy’s ambitious plan can be but if so it could bring tremendous benefits to El Salvador both economically and environmentally over time – something which President Nayib Bukele has been striving towards since he announced that Bitcoin would be deemed legal tender two years ago .