El Salvador received $250 million for its sustainable Bitcoin mining project
As reported by Cointelegraph, El Salvador’s public-private collaborative effort to fund $1 billion for creating a Bitcoin (BTC $26,275) mining platform received the first half of funding amounting to about $250 million. It is expected that the fund will be used in a 241-megawatt (MW) power generation park in the Metapán region.
Sources revealed that Volcano Energy, a Bitcoin miner, has mentioned that the funds would help in contributing in the development of the power generation firm using solar and wind energy, needed to power Bitcoin mining operation. It is believed that Max Keiser, chairman, Volcano Energy, tweeted the news on June 7, 2023, Cointelegraph highlighted.
Volcano Energy, also believes that among the 241-MW power generation capacity 169 MWs will be used as photovoltaic solar energy and 72 MWs as wind energy. With insights from Tether, the processing power of the firm might cross 1.3 exahashes per second. Supposedly, this would bring Volcano Energy’s Bitcoin mining hash rate among the global top 20 pools.
Furthermore, “Flip the script on traditional finance. Volcano Energy is powering the Bitcoin revolution in El Salvador with renewable energy,” Volcano Energy told Cointelegraph.
(With insights from Cointelegraph)
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