El Salvador partnership to build $1 billion bitcoin mining farm

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.

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.