“It seems that El Salvador is growing to dominate the crypto market.”
El Salvador-based firm Volcano Energy is reportedly investing $1 billion in sustainable power digital asset mining as part of its plans to position the country as a leading global player in the Bitcoin (BTC) mining market.
So far, the firm has managed to raise $250 million for the project which is backed by the President of El Salvador Nayib Bukele and industry leading BTC producers.
Volcano Energy is currently in the process of developing a 241 MW capacity power generation facility powered by wind and solar, where it will pave the way for geothermal-powered mining down the line.
According to Max Keizer, a member of the national BTC Office of El Salvador who is currently the Chairman of Volcano Energy intends to implement economic freedom, self-determination and the accumulation of sovereign wealth for future generations.
In addition to being involved in planning and obtaining 23% of the BTC revenue generated, the government of El Salvador will also channel 27% of the revenue to investors and 50% to develop the mining infrastructure, commented Keizer again.
But it should be noted that the investment is also supported by Tether (USDT), which is the largest stablecoin provider in the world that has reported a net profit of $1.5 billion in the first quarter (Q1) of 2023.
USDT's Chief Technology Officer (CTO), Paolo Ardoino revealed that all the digital assets remain fully supported adding that they had invested in BTC mining in Uruguay last year.
