von • Tether, the stablecoin issuer, is investing in El Salvador’s $1 billion renewable energy project to power Bitcoin mining operations.
• The 241-megawatt (MW) renewable energy park is a move to support El Salvador’s 2021 decision to make Bitcoin legal tender.
• Paolo Ardoino, the Chief Technology Officer of Tether, compares El Salvador’s adoption of Bitcoin to the European Union adopting the euro.
Tether Investing in El Salvador’s Renewable Energy Project
Stablecoin issuer Tether has announced their strategic investment in El Salvador’s $1 billion renewable energy project. This project will generate electricity from solar and wind energy to power future Bitcoin mining operations in this Central American nation. With the 241-megawatt (MW) renewable energy park, Tether is committed to supporting El Salvador’s decision made earlier this year to make Bitcoin legal tender.
El Salvadors Adoption of Bitcoin
The path towards widespread use and adoption of BTC as a payment method has had some teething problems as reported by Cointelegraph journalist Joe Hall during his visit to the country using BTC as a primary means of payment. Despite these issues, Paolo Ardoino – Chief Technology Officer at Tether – believes that El Salvador is paving the way for sovereign bitcoin adoption with its efforts over recent years. Comparing their journey with that of Europe adopting the euro back in 2000, Ardoino suggests that it still took 5-6 years for people understand and accept it despite all its advantages which are far greater than those associated with digital currencies today.
Money 20/20 Amsterdam
Ardoino attended Money 20/20 convention held recently in Amsterdam where he promoted Bitfinex Pay and Lightning Network alongside other cryptocurrency services offered by Tether. During his time there he discussed various topics concerning Tether, Bitfinex and wider cryptocurrency space which included their investment into Volcano Energy for gaining exposure to energy production and leveraging it for powering future bitcoin mining farms in El Salvador and beyond.
Investment Benefits
This investment from Tether not only provides financial backing but also ideological benefits given that they have chosen a sovereign nation leading with BTC adoption rather than simply focusing on profits alone. This could be seen as an example which other countries may follow if they wish to adopt cryptocurrencies legally as well as encouraging more companies like Volcano Energy who offer renewable sources of electricity generation such as solar or wind power solutions suitable for bitcoin mining operations globally too.
Conclusion
Tether’s commitment towards investing into Volcano Energy demonstrates their dedication towards supporting nations who look at cryptocurrencies favorably and wish to implement them locally- Be it through payments or mining operations alike . It remains unclear how long it will take for these efforts pay off both financially , ideologically but one thing is certain; this move by tether reinforces further confidence into cryptocurrency markets around the world .
