Volcano Energy has announced $1 billion commitments for the construction of a 241 Megawatt (MW) Bitcoin mine in Metapan, El Salvador. This was revealed in a press release posted on Twitter. According to a press release sent by CoinDesk, Tether, the stablecoin USDT issuer, is one of the investors.

Press releases stated that the mining site would be powered by 169 MW solar energy and 72 MW wind energy, bringing computing power of more than 1.3 exahashes/second (EH/s). The site will be in Metapan, Santa Ana in the northwest of the country.

Volcano said that the government would play a “critical role” in planning, execution and had secured “a preferred participation equivalent to 23 percent of revenues”. Outside investors will own 27% and the remaining 50% of the venture will be “reinvested”, according to the firm.

Previous mining initiatives focused on El Salvador’s geothermal potential. However, it was unclear as to how this new solar energy park and wind farm would be linked with volcanic activity. Volcano’s press release stated that the mining site was intended to be a “pathway towards our geothermal energy future”, but did not specify what this roadmap would look like.

Tether is trying to diversify their “strategic eco-system” and Volcano Energy is one of the “most ground-breaking” projects they have backed. Chief Technology Officer Paolo Ardoino. In the last few weeks, the stablecoin issuer was busy with investments. This included bitcoin-mining in Uruguay as well as buying bitcoin in order to increase its USDT reserves.

Mining firms and other investors have looked elsewhere to invest as the opportunities in North America have been limited. These include Latin America and Middle East.

Read more: Marathon teams up with Abu Dhabi’s zero two for Middle East’s first large-scale immersion-cooled bitcoin mining

UPDATE (5 June, 14:35 UTC). Added details about Tether.

Stephen Alpher edited the book.