El Salvador has launched its first Bitcoin mining pool in partnership with Luxor Technology, marking a major milestone in the country’s embrace of cryptocurrency. The mining pool, called Lava Pool, is part of El Salvador’s Volcano Energy project which aims to use renewable energy like geothermal, solar, and wind to power Bitcoin mining.
Luxor, a major Bitcoin mining services provider, will provide the software and expertise to get Lava Pool up and running. The partnership will allow Volcano Energy to start mining Bitcoin blocks right away while mitigating risk through Luxor’s automated strategies.
This launch represents El Salvador’s efforts to position itself as a leader in Bitcoin adoption and renewable energy-powered mining. By tapping the country’s abundant renewable sources, Volcano Energy hopes to create a vertically integrated, sustainable mining operation that benefits investors and citizens.
The first phase involves building a 241-megawatt renewable energy park, followed by expanding geothermal energy production. According to Volcano Energy’s chief strategy officer, the goal is to accrete value for investors while decentralizing Bitcoin mining geographically.
As a public-private initiative, Volcano Energy will contribute 23% of mining profits to El Salvador’s government to stimulate economic growth. The partnership with Luxor marks a major milestone for the country as it embraces Bitcoin and renewable mining.
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