A public-private partnership in El Salvador has received its first $250 million towards a $1 billion pledge to build a bitcoin mining farm, CoinTelegraph reported on Wednesday.
With this initial infusion of cash, a 241 MW power park in the nation’s Metapán region gets off the ground.
The cash will be used to develop the solar and wind energy power generation park, according to the site’s owner Volcano Energy, which will ultimately fuel the bitcoin mining operation.
On June 7, the chairman of Volcano Energy, Max Keiser, tweeted the information.
High-performance computers connected to a global network are used to mine bitcoins, which consumes a significant amount of electricity.
Environmentalists have criticised the energy-intensive practise because they believe it exacerbates climate change and forest loss.