2023-10-5 16:00 |
Today, Volcano Energy and Luxor Technology Corporation have officially unveiled Lava Pool, El Salvador's inaugural Bitcoin mining pool powered by abundant renewable geothermal energy. Volcano Energy, a unique public-private partnership committed to contributing 23% of its net income to the Salvadoran government, will exclusively mine blocks through Lava Pool.
“Lava Pool is another example of El Salvador’s first mover advantage as a nation-state in the Bitcoin ecosystem,” said Volcano Energy's CSO, Gerson Martinez. “Our vision is to create a vertically integrated energy and bitcoin mining company whose value is accretive to investors and to all Salvadoran citizens. We are thrilled to launch Lava Pool in partnership with Luxor Technology, an industry leader in developing bitcoin mining products and services for miners—from plebs to nation states.”
Luxor's Hashrate Forward Marketplace will equip Volcano Energy with hedging strategies already adopted by leading participants in the Bitcoin mining market to protect Lava Pool against market volatility.
“The ethos of Bitcoin mining revolves around geographical decentralization, and the development of mining pool infrastructure in El Salvador will contribute to this goal,” commented Luxor's COO, Ethan Vera. “We're excited to partner with Volcano Energy to launch Lava Pool and to support their mission in El Salvador and Latin America more broadly.”
This partnership aims to help push forward El Salvador's ongoing efforts to integrate Bitcoin into its energy infrastructure. With a wealth of renewable energy resources, Bitcoin miners in the country can help play a pivotal role in bolstering the economics of new energy projects since they can provide immediate revenue for these projects, particularly in remote regions, while offering flexible load management capabilities to support the grid during peak demand or periods of stress.
Moreover, El Salvador intends to reinvest the profits generated from Bitcoin mining into enhancing energy transmission and distribution infrastructure, strengthening the nation's energy systems. This multifaceted approach not only fosters energy security but also lays the foundation for economic growth, technological advancement, and a sustainable future.
With the first Bitcoin mining pool now operational, El Salvador continues to lead the way in harnessing the potential of Bitcoin mining and renewable energy, captivating the attention of the global Bitcoin community.
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