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Tether Invests in Startup Volcano Energy’s $250M Funding Round for El Salvador Bitcoin Mining Farm

Stablecoin issuer Tether has invested in Volcano Energy's first round of funding, which aims to build a bitcoin mining farm in El Salvador. The first round is worth $250 million, but it is unclear if the total funding has been raised.

The planned mining farm will have an output of over 1.3 EH/s and will be powered by 169 MW of photovoltaic solar energy and 72 MW of wind energy. Tether's investment in Volcano Energy is contained within its excess reserves, which stood at around $2.5 billion at the end of Q1 2021.

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