El Salvador partnership to build $1 billion bitcoin mining farm

The project will start with an initial $250 million, backed by "key Bitcoin industry leaders" in collaboration with renewable energy developers, Volcano Energy said in a statement.

El Salvador's state "Bitcoin Office" retweeted the news on its Twitter. The presidential office did not immediately respond to a request for comment. 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 energy-intensive practice hasThe announcement comes two years after Salvadoran President Nayib Bukele declared his intention to

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