El Salvador’s Bitcoin Volcano in sight

El Salvador remains committed to becoming a global leader in the Bitcoin mining industry through the development of an ambitious volcanic energy project.

The country plans to add 241MW of renewable energy and 1.3Eh/s of Bitcoin mining, marking another step towards “economic freedom”, energy competitiveness and “self-reliance”. share Bitcoin advocate Dennis Porter said on Twitter:

bitcoin volcano

The project aims to establish one of the world’s largest Bitcoin mining farms with the creation of volcano tokens, using the country’s renewable resources.

The Volcano Energy project focuses on the development of a 241 MW renewable power park in El Salvador’s Metapan region. The park will showcase “the exceptional solar and wind energy capacity available in the country” with 169 MW of solar power and 72 MW of wind energy.

The Bitcoin Mining Farm will have an initial computing power of over 1.3 EH/s and will be funded by a total of $1 billion in funding for the project from “Bitcoin Industry Leaders”. In addition, the government of El Salvador will also participate in the project, ensuring “preferred participation equal to 23% of revenue”. In addition, investors will own 27% and the remaining 50% will be reinvested in “expanding energy production capacity and promoting bitcoin mining.”

For comparison, the hashrate index lists: top mining pool Hashrate shows that El Salvador will be the top 20 mining pools in comparison. The largest pool is Foundry with 111.2 EH/s, followed by AntPool, F2Pool, Binance Pool and ViaBTC pools with 85 EH/s, 50 EH/s, 33 EH/s and 32 EH/s respectively. At 1.3 EH/s, Volcano Energy’s hashrate will be on par with NiceHash and KuCoin.

volcano token

In an interview in April 2022 crypto slateBitfinex & Tether CTO Paolo Ardoino explained the revolutionary Bitcoin-backed Volcano Token (VT), which represents the first tokenization of sovereign debt.

He explained that the token will serve as financing for El Salvador’s government bonds. Half of the $1 billion raised will be used to buy and hold bitcoin for five years, with profits split between infrastructure development and distribution to Volcano Token holders.

Ardoino also revealed that the underlying blockchain for Volcano token issuance is Liquid. It was selected for its allow list feature which helps meet his strong KYC and AML requirements from regulators.

Bitfinex Securities plans to trade the tokens after obtaining the necessary legislative approvals and securing a license in El Salvador.

Ardoino said the process could be completed in a matter of weeks. However, a recent Bloomberg report He said the token is expected sometime in 2023.

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