El Salvador opens first bitcoin mining pool

Volcano Energy and Luxor Technology Corporation have officially announced this Lava poolthe first Bitcoin mining pool to launch in El Salvador that will harness the Central American country’s abundant renewable geothermal energy.

Volcano Energy, with a public-private partnership that contributes 23% of its net profits to the government of El Salvador, will mine blocks exclusively through Lava Pool.

Gerson Martinez, CSO of Volcano Energy, stated that “Lava Pool is another example of El Salvador’s pioneering advantage as a nation-state in the Bitcoin ecosystem. Our vision is to create a vertically integrated energy and bitcoin mining company whose value brings value to investors and all Salvadoran citizens. We are excited to launch Lava Pool in partnership with Luxor Technology, an industry leader in developing bitcoin mining products and services for miners – from everyday people to nation states.“.

El Salvador will help the global bitcoin mining industry with a new pool

The partnership with Luxor ensures a seamless service, given the company’s track record in providing Bitcoin mining software and services.

Additionally, Luxor’s Hashrate Forward Marketplace equips Volcano Energy with hedging strategies, which will insulate Lava Pool from market volatility through risk management strategies already adopted by major Bitcoin mining market participants.

Ethan Vera, COO of Luxor, noted that mining has a geographical decentralization and that El Salvador will contribute to the world.

“The spirit of Bitcoin mining revolves around geographic decentralization, and the development of mining pool infrastructure in El Salvador will contribute to this goal. We are excited to partner with Volcano Energy to launch Lava Pool and more broadly support their mission in El Salvador and Latin America.”

This partnership accelerates El Salvador’s efforts to integrate Bitcoin into its energy infrastructure and further establishes the country as a global leader in digital currency adoption.

El Salvador has an abundant source of renewable energy

In countries with abundant sources of renewable energy, such as El Salvador, bitcoin miners can improve the economics of new energy projects by providing a flexible buyer of first and last resort; Miners provide direct revenue for new energy projects, especially in remote areas of the country, and also provide flexible loads that can be switched off immediately to support the electricity grid during periods of stress.

Furthermore, El Salvador plans to reinvest mining profits in energy transmission and distribution infrastructure to strengthen its energy systems and also pave the way for economic growth, technological progress and a sustainable future.

Source: Live Coins

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