Bitcoin-friendly country El Salvador has launched its first renewable energy-powered Bitcoin mining pool in collaboration with Volcano Energy and Luxor Technology Corporation.
Named Lava Pool, the pool is powered by geothermal energy supplied by the two companies. 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 support Volcano Energy with hedging strategies already adopted by leading Bitcoin mining companies 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.”
Supporting El Salvador’s Bitcoin Dream
El Salvador is a South American country known for its public support of Bitcoin. It is also the first country to adopt Bitcoin as legal tender, in spite of warnings from international monetary organizations like the International Monetary Fund (IMF) and World Bank.
El Salvador also recently announced its integration of Bitcoin in its school curriculum to teach the younger generation about the digital asset, and is also working towards integrating Bitcoin into its energy infrastructure.
With this partnership, El Salvador is a step closer to achieving integration of Bitcoin into its energy infrastructure. Bitcoin miners in the country can help to strengthen the new energy projects with the vast renewable energy available to them.
El Salvador intends to use the proceeds from Bitcoin mining to enhance energy transmission and distribution to strengthen the country’s energy systems.
With this project on, El Salvador will continue to lead the way in Bitcoin innovation and remains a major force in Bitcoin adoption.
Enhancing Bitcoin Adoption
The president of El Salvador, Nayib Bukele is one head of state that has publicly endorsed Bitcoin and invested in it on behalf of the country.
This demonstrated to El Salvadorians that they should trust Bitcoin, but the launch of a Bitcoin mining pool takes Bukele’s confidence in Bitcoin to the next level. No doubt, this confidence will extend to the citizens in no time.
