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El Salvador partnership to build $1 billion bitcoin mining farm
  + stars: | 2023-06-05 | by ( ) www.reuters.com   time to read: +2 min
SAN SALVADOR, June 5 (Reuters) - A public-private partnership in El Salvador will pump $1 billion into creating one of the world's largest bitcoin mining farms, the group called Volcano Energy announced on Monday. Volcano Energy said the funds would go toward an estimated 241 MW power generation park using solar and wind energy in the northwestern municipality of Metapan, which will eventually power the bitcoin mining farm. Bitcoin mining uses high-power computers hooked up to a global network, sucking up massive amounts of electricity in the process. The El Salvador government will have "a preferred participation equivalent to 23% of the revenues" in the project, Volcano Energy said, with private investors holding 27%. Reporting by Nelson Renteria in San Salvador and Kylie Madry in Mexico City; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.
Persons: Nayib Bukele, Josue Lopez, Max Keiser, Nelson Renteria, Kylie Madry, Aurora Ellis Organizations: SALVADOR, Volcano Energy, Salvadoran, Reuters, International Monetary Fund, El, U.S ., Thomson Locations: El Salvador, Salvador's, Metapan, San Salvador, Mexico City
SAN SALVADOR, El Salvador—Two New Yorkers who created a popular financial news show on Russian state television and cashed in on the crypto boom have emerged as key advisers to the Salvadoran government on its adoption of bitcoin. Max Keiser and Stacy Herbert are also investing in bitcoin ventures in the Central American country and are founding backers of a crypto exchange that is helping manage El Salvador’s sovereign debt sale that is linked to bitcoin. The so-called Volcano Token bond will be backed by proceeds from bitcoin mined using geothermal power from a volcano.
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