Tether Investments IDR 14.8 Trillion In Volcano Energy For Bitcoin Mining Projects In El Salvador

JAKARTA - Tether, the stablecoin with the world's largest market cap, is now increasing its investment by announcing mining projects in Uruguay. The USDT issuer also revealed investment in Georgia-based payment processing company Citypay.io.

On Monday, the stablecoin company expressed its participation in an investment of US$1 billion (equivalent to Rp14.8 trillion) in Volcano Energy, backed by Max Keiser.

Funds obtained by Volcano Energy will be used to build renewable energy mining facilities with a capacity of 241 megawatts (MW) in Metapsia. The data center will use solar power and photosvoltaic winds to fund the company's operations.

Tether and Volcano Energy predict a significant increase in future sustainable Bitcoin mining.

"Volcano Energy is one of the most innovative and strategic initiatives we invest in, and we look forward to working with Josue Lopez and his team to make El Salvador a global force in renewable energy production," said Paolo Ardoino, CTO Tether, on Monday.

Josue Lopez, CEO of Volcano Energy, stated on Monday that currently 52% of Bitcoin mining operations use sustainable and renewable energy sources.

"We believe this percentage will increase significantly in the future through important investments like we did," said Lopez. "Not only 'Volcano Energy' is important for Bitcoin's resilience going forward, but also an important sign of El Salvador's new role in the world of global technology."

This strategic partnership between Tether and Volcano Energy shows the importance of renewable energy in the crypto industry and also highlights El Salvador's commitment to becoming a major player in renewable energy production.