Tether took part in the first round of funding for $1 billion to build a bitcoin farm in El Salvador. Company announced, which will provide capital and “bring its experience in energy, equipment and communications” to build the world’s largest Volcano Energy site, a 241 MW renewable energy generation park. About it writes RBC.
The site selected for construction will include photovoltaic cells to generate 169 MW of solar energy and equipment to generate 72 MW of wind energy. This will make it possible to host mining equipment with computing power in excess of 1.3 EH / s, the report says.
The total global hash rate in the Bitcoin network on June 5 is hovering around 361 EH / s, according to data Minerstat.
The company says that by investing in green energy sources around the world, it aims to become one of the leading providers and investors in the global renewable energy and mining infrastructure.
Tether is the issuer of USDT, the largest stablecoin by capitalization. Against the background of the problems of competitors – a ban on the issuance of the BUSD stablecoin under the Binance brand and the difficulties of USDC from Circle due to the bankruptcies of American banks – the capitalization of the Tether token reached its maximum value of $83.2 billion at the end of May.
Prior to this, the company reported a net profit for the first quarter of the year in the amount of $1.5 billion and announced a decision to spend up to 15% of realized operating income on the purchase of bitcoins.
At the end of May, Tether also announced that it was investing in the production of electricity from renewable sources and in the launch of bitcoin mining in Uruguay using this energy.
Farm in El Salvador, according to Tether, will be the largest in the world. In early May, one of the largest American miners Marathon Digital and developer company Zero Two announced the creation of two platforms for bitcoin mining in Abu Dhabi (UAE) for equipment with a total capacity of 250 MW.a
Source: Cryptocurrency
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