Volcano Energy has secured $1 billion in funding to build a 241 MW bitcoin mining operation in El Salvador's Metapán region. The mining site will be powered by 169 MW of solar and 72 MW of wind energy, producing over 1.3 exahash/second (EH/s) of computing power.

The government will have a "preferred participation equivalent to 23% of revenues," while outside investors will own 27% of the venture and the remaining 50% will be reinvested to expand energy production and mining capacities.

This move comes as mining firms seek new investment opportunities in regions such as Latin America and the Middle East.