Title: El Salvador Launches Lava Pool, its First Local Bitcoin Mining Pool
Publication Date: October 4, 2023
Reading Time: 1 min
El Salvador, known for being a leader in adopting Bitcoin as its national currency, has taken another significant step in the world of cryptocurrencies. The country is launching its first local Bitcoin mining pool called Lava Pool.
Volcano Energy, in collaboration with Luxor Technologies, is leading this pioneering project. Luxor Technologies, renowned for its expertise in Bitcoin mining software and services, adds value to the partnership.
The initial phase of the Volcano Energy project involves the construction of a 241-megawatt renewable energy park within the country. This park will consist of 169 MW of photovoltaic solar energy and 72 MW of wind power, showcasing El Salvador’s commitment to renewable energy.
Market volatility is a common challenge faced by major Bitcoin mining operators. To tackle this issue, Luxor’s hashrate forward marketplace will be employed to implement automated risk management strategies.
Volcano Energy has pledged to contribute 23% of its net income from mining operations to the El Salvador government. These mining profits will then be directed towards energy transmission and infrastructure projects, fostering broader economic growth and technological advancement.
El Salvador has been making significant strides in integrating Bitcoin and blockchain technology into its economy. In early 2023, the country secured a massive $1 billion investment from Tether for its renewable energy project. This investment will play a crucial role in powering the Bitcoin mining operations through renewable energy sources.
El Salvador’s bold stance on embracing cryptocurrencies has garnered attention and interest from the international community. As the country ventures into local Bitcoin mining with Lava Pool, it further solidifies its position as a frontrunner in the crypto space.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. All rights reserved.
Sources:
– Benzinga: “The Best Report Benzinga Has Ever Produced”
– Benzinga: El Salvador’s Bitcoin Bet Pays Off As Bonds Skyrocket With 70% Returns
– Benzinga: Blockchain Innovations Take Center Stage In Countries Such As Singapore
– Benzinga: Future of Digital Assets Conference