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Tether Invests $1 Billion to Build the World's Largest Bitcoin Mine in El Salvador
Tether announced on June 5 that it had invested $1 billion and participated in the first round of funding for El Salvador’s new renewable energy initiative. Following on from its mission to invest in renewable energy to support and facilitate sustainable Bitcoin mining, Tether will once again provide funding and leverage its expertise in energy, hardware and communications to build "Volcano Energy" - a project based in Metapán, El Salvador. 241 MW renewable energy power generation park. By integrating solar and wind projects in the volcanic region, Tether aims to pave the way for one of the world's largest bitcoin mining farms.
In Central America, El Salvador has the highest production of geothermal energy. Located in the small village of El Chiste within the municipality of Santa Ana Metapán, the site chosen for the development provides 169 MW of photovoltaic solar and 72 MW of wind energy. This output will create an initial hashrate of over 1.3 EH/s.
“As investors and advisors, we are delighted to be one of the pioneers in renewable energy in El Salvador,” said Tether CTO Paolo Ardoino. "Volcanic energy is one of the most groundbreaking and strategic initiatives we are investing in, and we look forward to working with Josue Lopez and his team to make El Salvador a global force in renewable energy production. This investment continues Tether's efforts to diversify its ecosystem strategy.”
The long-term sustainability of the Bitcoin network can only be achieved through energy innovation, competitiveness, diversification, and geographic expansion. By investing in renewable energy resources around the world, Tether aims to become one of the world's leading suppliers and investors in renewable energy and mining infrastructure.
“El Salvador, with its volcanoes, natural resources, people, and now Tether’s expertise and support, can become a Bitcoin mining powerhouse. This Bitcoin nation will now also be a Bitcoin mining nation,” said Max Keiser, Chairman of Volcanic Energy.
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The Evolution of Tether: Not Just USDT
Tether is a pioneer in the field of stablecoin technology, which aims to revolutionize the global financial landscape. Tether's mission is to provide accessible, secure and efficient financial, communication and energy infrastructure. Tether enables greater financial inclusion and communication resilience, fosters economic growth, and empowers individuals and businesses.
As the creator of the largest, most transparent, and most liquid stablecoin in the industry, Tether is committed to building sustainable and flexible blockchain infrastructure for the benefit of disadvantaged countries and regions. By leveraging cutting-edge blockchain and peer-to-peer technologies, it strives to bridge the gap between the traditional financial system and the potential of decentralized finance.
While Tether's mission has always been rooted in these values, the way these values are expressed through Tether's products, goals and initiatives has changed dramatically over the past few years. Tether recently announced an investment in the development of new energy sources in Uruguay to power renewable Bitcoin mining.
In July 2022, Tether announced the creation of Holepunch, a fully P2P platform for building encrypted, unstoppable applications, the first of which is Keet, a P2P communication protocol. Tether has been working closely with the governments of El Salvador and Lugano to help each country develop into a financial center for their respective regions in the digital age.
All of these initiatives taken together paint a picture of a company whose mission is constantly evolving and growing. Backed by record quarterly profits, Tether is poised to expand its mission to improve financial, economic, communications and energy infrastructure around the world, especially in emerging markets.
Let's explore this evolutionary history:
Bitcoin Mining in Uruguay
On the surface, many people may not understand why Bitcoin mining would benefit Uruguay, which requires understanding the impact of Bitcoin mining on the grid and local communities.
Tether is investing not only in Bitcoin mining, but also in developing new energy infrastructure that does not currently exist. This expands energy access in a region that has historically had limited access to energy. Why is Bitcoin mining needed, can't Tether just build the energy infrastructure without using it to mine Bitcoin?
Bitcoin mining is necessary because in regions with low energy availability, there is also a lack of demand for energy (because it is not available all the time). If all Tether does is build energy infrastructure, then no one uses or buys energy. Bitcoin mining offers an instant, profitable consumption of energy that can be deployed anywhere in the world. It is Bitcoin mining that makes these projects work and ensures a reliable supply of energy that other entrepreneurs can rely on as they establish other ways to use energy in the region. It is critical to understand that Tether Energy operations will always prioritize people's use of electricity, with an emphasis on utilizing excess electricity.
Bitcoin mining first entered a new region, and economic development followed. However, Uruguay's benefits don't stop there.
Both the energy infrastructure and the mining facility will provide significant employment opportunities in the region and benefit the local community. These facilities have a small footprint and have a very limited environmental impact, which is not the case with many other developments.
Bitcoin mining not only helps build the grid, but also stabilizes it. This is a daunting challenge as the amount of renewable energy sources increases and energy availability becomes more variable. So how can developed countries respond to this challenge?
Typically, natural gas plants overproduce. But a country can't do that if it doesn't have a surplus of natural gas or natural gas turbines. Bitcoin solves this challenge in several ways, as miners can be quickly switched on and off to mitigate the variability of renewable energy. Since Uruguay is a leader in renewable energy, with 94% of electricity generation coming from solar and wind, Bitcoin mining will bring huge benefits to the grid and help demonstrate a better model for development.
volcanic energy
In addition to Tether's recent initiative in Uruguay, Tether participated in Volcano Energy's $250 million Series A funding round. Volcano Energy, a fully renewable mining facility in El Salvador, will eventually raise $1 billion to build the largest mining facility in the world.
As always, Tether's investments in Uruguay and Volcano Energy come from its excess reserves, not from reserves backing USD₮. At the end of the first quarter, USDT reserves exceeded $2.5 billion and have continued to grow since then.
El Salvador has demonstrated its commitment to Bitcoin amid volatile market conditions, and Tether is proud to support and build with the world's first Bitcoin nation.
Volcano Energy will support the economy of El Salvador, which has grown through the creation of a large number of jobs and the expansion of energy infrastructure, and together with Uruguay, marks the launch of the Tether energy program.
Holepunch and Keet
Tether co-founded Holepunch and Keet in 2022 as an application to support global and free communication channels. Tether sees this as a key pillar of its mission to provide the world with an accessible, secure and efficient communications infrastructure. Having the ability to communicate is the first step in business and economic development.
If you can't communicate, you can't use Bitcoin, USD₮, or any other digital currency, and if you have P2P currency but can't use it through P2P communication channels, can you really realize all the benefits of it?
Tether's answer to this question is no.
Holepunch allows building applications without using any servers. This eliminates the jurisdictional risk that countless communication applications continually encounter. Holepunch cannot disclose, lose or make available user data because Holepunch does not store data.
When you combine unstoppable communication technology with a true digital currency, you have the foundation for a giant leap in economic development in a historically backward country.
All-time highs and higher targets
Tether USD₮ market cap hit a new all-time high recently and is the only major stablecoin to break out significantly. Tether’s rivals have all fallen sharply from their new high market capitalizations.
This is thanks to the continued support of our users for Tether, which can only be guaranteed through a risk management approach, and shields Tether from the challenges faced by many competitors. This led to Tether's net profit in the first quarter surpassing that of many S&P 500 companies and financial firms such as BlackRock.
These profits help strengthen Tether's reserves and ultimately benefit USD₮ users.
Tether's Mission
We are excited for the next chapter of development as the world continues to realize the power and benefits of open source software, peer-to-peer communication, and uninterrupted finance.
https://tether.to/en/going-beyond-usdt-the-evolution-of-tether/
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Web3 E-Commerce Platform Uquid Announces Acceptance of Tether Gold (XAU₮) as Payment Option
Web3 e-commerce platform Uquid has announced that it will accept Tether Gold (XAU₮) as a payment option. Uquid has more than 120 million commodities, digital and NFT products, and introduces decentralized finance (DeFi) and Web3 to the online retail shopping ecosystem.
Founded in 2016, Uquid is an online retail ecosystem that integrates metaverse and traditional e-commerce. It provides customers with a convenient and secure channel to purchase products using cryptocurrencies or fiat currencies. In addition to now accepting XAU₮ as a payment method, customers can conveniently and securely purchase items from Uquid using Bitcoin or USDT, as well as several other cryptocurrencies.
Uquid's online store offers customers millions of different types of real-world merchandise, including clothing, shoes, electronic devices, computers, household items, sporting goods, and more. Customers can also purchase Uquid's curated selection of digital products such as NFTs, game cards, streaming and gaming subscriptions, mobile phone top-ups, and more.
With XAU₮, Uquid customers can now make online purchases using digital assets that represent ownership of physical gold. XAU₮ Developed by Tether, issuer of the world's first, most stable and trusted stablecoin USD₮, 1 XAU₮ token represents 1 troy ounce of gold on a London Good Delivery bullion bar.
https://tether.to/en/leading-web3-e-commerce-platform-to-now-accept-tether-gold-xaut/
