El Salvador, a leader in embracing Bitcoin (BTC) as a legal tender, has taken a significant step forward in launching its first local Bitcoin mining pool “Lava Pool”. This step marks a pivotal landmark for the country, in its ambitions to harness renewable energy sources for cryptocurrency mining.
El Salvador’s Latest Bitcoin Mining Pool
El Salvador‘s Bitcoin mining pool Lava Pool will be spearheaded by Volcano Energy in conjunction with Luxor Technologies – a firm well known for its expertise in providing Bitcoin mining software and services.
The Lava Pool project will make use of Luxor’s Hashrate Forward Marketplace to automate risk management techniques now employed by other significant Bitcoin mining companies to reduce market volatility.
For starters, Volcano Energy’s project will involve the construction of a 241 MegaWatt (MW) renewable energy park in Metapan. These include 169 MegaWattS (MW) of photovoltaic solar energy and 72 megawatts (MW) of wind power. However, the project’s long-term goal is to take on abundant geothermal energy in the country.
Due to the project’s public-private partnership, Volcano Energy will have to contribute 23% of its net income from mining operations to El Salvador’s government. In addition, the mining profits made will also be reinvested into energy transmission and infrastructure projects to stimulate economic and technological build-up in the Central American nation.
El Salvador’s renewable energy sources initiative first made headlines in early 2023. Stablecoin issuer Tether was one of the companies that invested in the country’s $1 billion renewable energy project to power future Bitcoin mining operations in the country.
According to an interview, Tether’s Chief Technology Officer Paolo Ardoino<
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Author: Scott Matherson
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