The Authorities in El Salvador have just announced the Volcano Energy project, a Bitcoin farm with a capacity of 241 MW.
The initiative reportedly aims to make El Salvador a major global player in the crypto mining sector. At the same time, the project will lead to greater energy competitiveness, diversification and geographic expansion of the Bitcoin network.
According to the press release:
"Located in El Shiste, within the municipality of Metapán, Santa Ana, this chosen site boats exceptional solar and wind energy yields in the country."
It is assumed that the first type will represent 169 MW of the park's capacity, the second, 72 MW. The hashrate is expected to reach 1.3 EH/s.
Volcano Energy is valued at $1 billion and the first $250 million has already been secured through partnerships with leading developers and manufacturers of renewable energy technologies, as well as Bitcoin mining experts.
The government of El Salvador will have a 23% stake and the authorities will play a decisive role in the planning and implementation of the initiative.