Known for issuing stablecoin, Tether, has taken an environmentally-conscious initiative in El Salvador, a nation that has warmly embraced Bitcoin. The initiative involves supporting a renewable energy scheme valued at $1 billion.

El Salvador set a precedent by being the inaugural country to officially accept Bitcoin as a legal tender around three years prior. Currently, the nation is focusing on establishing a green energy zone in Metapán, which aims at utilizing solar and wind energy. The energy thus produced will cater to the requirements of Bitcoin mining operations and also provide a steady income stream.

Recently, Tether surfaced as one of the investors in a capital-raising round organized for the establishment of Volcano Energy, a renewable energy park in the pipeline. The prospective energy park, equipped with a capacity of 241-megawatt (MW), is proposed to be set up in Metapán, with 169 MWs anticipated from photovoltaic solar energy and the remaining 72 MWs from wind power.

The park’s generated power will provide energy to Bitcoin mining farms in El Salvador. Tether’s projection estimates that the computational capacity of the park would exceed 1.3 exahashes per second. Such an impressive output would rank the combined Bitcoin mining hash rate from Volcano Energy among the global top 20 mining pools.

Highlighting Tether’s dedication to nurturing renewable energy production and the advancement of mining infrastructure, Paolo Ardoino, Tether’s Chief Technology Officer, confirmed the partnership.

Meanwhile, Volcano Energy’s CEO, Josue Lopez, anticipates the energy park to be a paragon for Bitcoin mining powered by renewable energy resources, as the sector continues to innovate to stay competitive.

“Today, a little over half of all Bitcoin mining employs sustainable methods. We’re confident this percentage will see a considerable increase in the near future, thanks to significant investments like ours,” expressed Lopez.

The precise investment figure from Tether hasn’t been disclosed. However, influential Bitcoin advocates like Max Keiser, a broadcaster, and Saifedean Ammous, an economist and author of ‘The Bitcoin Standard,’ are actively contributing their expertise to El Salvador’s Bitcoin adoption journey. Keiser provides advisory support to President Nayib Bukele and holds the position of chairman at Volcano Energy, while Ammous serves as an economic adviser to the National Bitcoin Office in the country.

The narrative of Bitcoin’s widespread acceptance and use in El Salvador is fascinating, something that has sparked numerous discussions, including an engaging article by Cointelegraph’s Joe Hall during his visit to El Salvador in the early part of 2022.