Tether’s game plan in El Salvador: Why invest in Volcano Energy?

Volcano Energy is set to generate electrical power from solar and wind energy in El Salvador to power future Bitcoin mining operations in the country.The prepared 241-megawatt (MW) eco-friendly energy park is the most current move in El Salvadors Bitcoin adoption drive after the nation made BTC legal tender back in 2021. Source: CointelegraphJust two days prior to the interview, Tether announced it would be investing in Volcano Energy to gain exposure to energy production and leverage the center to power Bitcoin mining farms in the future. Bitcoin mining is generally using excess energy anyhow, but even more so if we first develop the energy production.

Stablecoin company Tether has actually dipped into its war chest to purchase El Salvadors $1 billion renewable resource job to help drive Bitcoin (BTC) adoption in the Central American nation.The Tether (USDT) provider is among a handful of companies investing in El Salvadors eco-friendly power generation task. Volcano Energy is set to create electricity from solar and wind energy in El Salvador to power future Bitcoin mining operations in the country.The prepared 241-megawatt (MW) renewable resource park is the most recent move in El Salvadors Bitcoin adoption drive after the country made BTC legal tender back in 2021. Cointelegraph caught up with Tethers primary technology officer Paolo Ardoino during Money 20/20 in Amsterdam. Ardoino– who is attending the prominent finance and payments convention promoting Bitfinex Pay and the Lightning Network– explored several subjects worrying Tether, Bitfinex and the larger cryptocurrency space.Tether chief technology officer Paolo Ardoino and Cointelegraph journalist Gareth Jenkinson at Money 20/20 in Amsterdam. Source: CointelegraphJust 2 days prior to the interview, Tether revealed it would be purchasing Volcano Energy to gain exposure to energy production and utilize the center to power Bitcoin mining farms in the future. There is also an ideological aspect to the relocation, with Ardoino stressing his belief that El Salvador is blazing a trail for sovereign Bitcoin adoption despite the relatively slow uptake of BTC as a payment alternative in the country.Ardoino drew parallels to the European Union embracing the euro as a continental currency in the early 2000s, which required significant resources to change existing financial facilities, as well as buy-in from people of its 27 member states.” Given all the powers that they had, it still took five, six years, and yet people were very puzzled.” The expansion of Bitcoin as a payment technique in El Salvador has had some teething issues, as explored by Cointelegraph journalist Joe Hall in a recent visit to the country using BTC as a main ways of payment. Ardoino contends that the path to prevalent BTC usage and adoption in El Salvador will take time, thinking about that citizens are not being required to use the alternative currency in their everyday lives:” Its very unjust to anticipate that the entire population will utilize Bitcoin because, first off, its not required. Adoption is through personal business and public financial investments, instead of being taxpayer money.” Tethers financial investment in the nations energy production program belongs to a two-fold strategy. Investing in energy-producing infrastructure holds its own worth, which can then be utilized to power Bitcoin mining operations.Related: USDT issuer Tether has up to $1.7 B in excess reserves, CTO saysArdoino likewise argued versus the dominating stories around the ecological impact of Bitcoin mining and critiques of the industry for putting a stress on the global energy grid:” Firstly, the majority of Bitcoin mining is currently happening with renewable energy. Bitcoin mining is mainly utilizing excess energy anyhow, but even more so if we initially develop the energy production.” Ardoino said Tethers investment along with a group of 12 financiers intends to build an energy production center that families, factories and business can likewise tap into. The excess energy from Volcano Energy will be utilized for BTC mining to assist make El Salvador a “unicorn with its own unique story.” Magazine: Bitcoin is on a crash course with Net Zero promises