El Salvador is launching Lava Pool, the nation’s first Bitcoin mining pool powered by renewable geothermal energy. The venture is a collaboration between energy company Volcano Energy and tech corporation Luxor Technology. The pool will be maintained by Volcano Energy, with 23% of its net income going to the Salvadoran government. Luxor’s Hashrate Forward Marketplace will offer hedging strategies to protect against market volatility.The initiative is part of the larger Volcano Energy project, which aims to establish a global Bitcoin mining powerhouse fueled by renewable solar and wind energy. The project plans to develop a 241 MW renewable power generation park in the Metapan region of El Salvador, funded by a total commitment of $1 billion from Bitcoin industry leaders. The Bitcoin mining farm’s initial computational power is projected to exceed 1.3 EH/s.The launch of Lava Pool is a significant step towards El Salvador’s economic freedom, energy competitiveness, and self-reliance. It showcases the potential of Bitcoin mining and renewable energy integration to the rest of the world, and it remains to be seen how this development will influence the broader acceptance and integration of Bitcoin mining within the global energy infrastructure.
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 | Volcano Energy, Luxor Technology, Gerson Martinez |
| Companies | El Salvador Government, Luxor Technology, Volcano Energy, Hashrate Forward Marketplace, Metapan region |
| Currencies | Ethereum, Bitcoin, US Dollar, ELYSIA |
| Securities | None |
