El Salvador today marks the launch of Lava Pool, the country’s first Bitcoin mining pool powered by renewable geothermal energy. T
The venture is a collaboration between energy company Volcano Energy and tech company Luxor Technology, and is the first attempt in the country to harness abundant renewable geothermal energy for cryptocurrency mining.
by press releasethe lava pool will be maintained by Volcano Energy, a public-private partnership that has pledged to donate 23% of its net profits to the Salvadoran government.
The pool will benefit from Luxor’s hashrate forward marketplace, which provides hedging strategies to protect against market volatility. This mechanism has already been adopted by major players in the Bitcoin mining market.
Gerson Martinez, CSO of Volcano Energy, emphasized the importance of this project, stating that it clearly represents El Salvador’s pioneering role in the Bitcoin ecosystem. The move highlights the country’s continued efforts to integrate Bitcoin into its energy infrastructure. This strategy has the potential to significantly enhance the economics of new energy projects, especially in remote areas, providing immediate revenue and flexible load management capabilities to support the grid during periods of high electricity demand. demands and stress.
ambitious plans
This effort is part of the broader Volcano Energy Project, an ambitious effort to establish a global Bitcoin mining powerhouse powered by renewable solar and wind energy. The project plans to develop a 241MW renewable power park in El Salvador’s Metapan region and is funded by a total of $1 billion in equity from Bitcoin industry leaders.
Furthermore, the initial computational power of the Bitcoin mining farm is predicted to be over 1.3 EH/s, placing Volcano Energy among the top 20 mining pools in terms of hashrate. With a hashrate on par with NiceHash and KuCoin, this development represents an important step towards economic freedom, energy competitiveness and independence for El Salvador, as El Salvador will continue to grow through the integration of Bitcoin and renewable energy resources. We aim to achieve that.
With El Salvador’s first Bitcoin mining pool now operational, the country continues to make its presence felt on the global Bitcoin stage, showing the rest of the world the potential of Bitcoin mining and renewable energy integration. However, it remains to be seen how this development will impact widespread acceptance and integration of Bitcoin mining within the world’s energy infrastructure.
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