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El Salvador has announced plans to build a $1 billion bitcoin mining farm using renewable energy. The operation will be located in the Metapan region of the country and will use solar and wind power to mine Bitcoin.
The project is being spearheaded by the Salvadoran government, which will have a 23% stake in the venture’s revenue. Another 27% will be owned by private investors, while the remaining income will be reinvested in infrastructure.
This announcement comes two years after El Salvador became the first country in the world to make Bitcoin legal tender. The current government has been a vocal supporter of Bitcoin, saying that it believes that Bitcoin can help boost both economic growth and financial inclusion within the country.
The use of renewable energy to power the Bitcoin mining farm is also seen by many as a significant development. Bitcoin mining is an energy intensive process that has taken a lot of heat from critics, especially in recent years. The use of renewable energy may help to reduce the environmental impact of bitcoin mining
The mining project is a big step forward for El Salvador's Bitcoin ambitions, and has the potential to make El Salvador a major player in the global Bitcoin mining industry.
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