The crypto market enters another bearish moment following the US Securities and Exchange Commission’s lawsuit against Binance.
The popular crypto exchange recorded an estimated $700 million outflows following the announcement. Crypto majors Bitcoin, Ethereum, Binance Coin, and Cardano led today’s loss.
Stablecoin Tether (USDT) shows a surprising stability in the middle of the chaos and is trading at its usual 1-to-1 ratio with the US Dollar, coinmarketcap data shows.
Earlier today, CoinTelegraph shared Tether is among the first investors in the upcoming billion-dollar renewable energy project in El Salvador.
The project will take its base in the municipality of Metapan and aims to harness solar and wind energy to support sustainable Bitcoin mining operations in the country.
The initiative, planned to be named ‘Volcano Energy,’ targets to develop a 241-megawatt renewable energy park to produce a powerful computation power of 1.3 exahashes per second.
This would instantly put it among the top bitcoin mining pools globally upon completion. The government confirmed 27% of the project’s revenues will go directly to investors while 50% will be reinvested for growth prospects.
In the first quarter of 2023, Tether reported an impressive net profit amounting to $1.5 billion amid tighter crypto regulations and lack of investing enthusiasm during the period, CryptoPotato shares.
One of the team’s top executives clarified that their recent participation with Volcano Energy is within the amount of their excess reserves.
This will be Tether’s second involvement in a Bitcoin mining project. Last month, the team announced investment at a sustainable Bitcoin mining initiative in Uruguay.