El Salvador has taken a major step forward in its ambition to use renewable energy sources for cryptocurrency mining by launching its first local Bitcoin mining pool, “Lava Pool”. Spearheaded by Volcano Energy in conjunction with Luxor Technologies, the project will make use of Luxor’s Hashrate Forward Marketplace to automate risk management techniques. The project involves the construction of a 241 MegaWatt (MW) renewable energy park in Metapan, consisting of 169 MegaWattS (MW) of photovoltaic solar energy and 72 megawatts (MW) of wind power. The long-term goal is to take on abundant geothermal energy in the country. 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. 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. Lava Pool is El Salvador’s new Bitcoin mining strategy. The project was created to offer the lowest-cost mining pool option for small-scale miners. The Lava Pool’s payment will be Full Per Share, that is to say, the payment will be distributed based on the miner’s hash power contribution to the pool. Volcano Energy noted that the Lava Pool aims to decentralize Bitcoin mining and take advantage of the regulatory clarity in El Salvador, to strengthen the country’s infrastructure. Lava Pool is officially running and the mining pool is ready to receive miners.
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, Gerson Martínez |
| Companies | X, Luxor Technologies, Tether, Metapan, Volcano Energy |
| Currencies | US Dollar, Ethereum, Bitcoin, Tether, ELYSIA |
| Securities | None |
