Tether has invested in building a Bitcoin mining platform in El Salvador
Tether has participated in the first round of $1 billion in financing to build a Bitcoin farm in El Salvador. The company announced that it would provide capital and “bring its expertise in energy, equipment and communications”. Especially for the construction of Volcano Energy, a 241MW renewable energy generation park, the world’s largest site.
The site selected for construction will house photovoltaic cells to generate 169MW of solar power. And wind power generation equipment for 72 MW. This will enable the placement of mining equipment with computing power in excess of 1.3 EH/s, it said.
The total global hash rate on the bitcoin network on June 5 hovered around 361 EH/s, according to Minerstat.
The Tether says that by investing in green energy around the world. With this, it aims to become one of the leading providers and investors in the global renewable energy and mining infrastructure.
Our experts note that the company previously reported net income of $1.5 billion for the first quarter of the year, and announced its decision to spend up to 15% of realized operating profits on Bitcoin purchases.
At the end of May, Tether also announced that it was investing in renewable energy generation and the launch of bitcoin mining in Uruguay using that energy.
The farm in El Salvador, Tether claims, will be the largest in the world. In early May, one of the largest US miners, Marathon Digital, and developer Zero Two announced the creation of two Bitcoin mining platforms in Abu Dhabi, UAE, under equipment with a total capacity of 250 MW
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