El Salvador has officially launched its first local Bitcoin mining pool, the Volcano Energy project, in partnership with Luxor Technology. The $1 billion renewable energy project, which has attracted investments from Tether, will generate electricity from renewable sources in El Salvador to power Bitcoin mining operations. Volcano Energy is tapping into Luxor’s experience in providing Bitcoin mining software and services, and will use Luxor’s Hashrate Forward Marketplace to mitigate market volatility.The project will contribute 23% of its net income from mining operations to the El Salvador government, and profits will be reinvested into energy transmission and infrastructure to stimulate economic and technological growth in the country. The first phase of the Volcano Energy project involves the construction of a 241-megawatt renewable energy park in Metapán, comprising 169 MWs of photovoltaic solar energy and 72 MWs of wind power. The long-term goal is to tap into abundant geothermal energy in the country.Tether’s chief technology officer Paolo Ardoino said that the company’s investment was aimed at diversifying its interests into energy production while making use of renewable energy to mine Bitcoin. El Salvador has seen a surge in Bitcoin adoption since it became the first country in the world to officially make BTC legal tender.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | South America |
| Countries | 🇸🇻 🇳🇱 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Paolo Ardoino, Joe Hall, Gerson Martinez, Ethan Vera |
| Companies | Luxor Technology, Chainalysis, Tether, Volcano Energy, Money20/20 |
| Currencies | US Dollar, Ethereum, Bitcoin, Tether, ELYSIA |
| Securities | None |
