Volcano Energy and Luxor together introduce El Salvador’s first Bitcoin mining pool
Volcano Energy, a sustainable energy company in El Salvador, has partnered with Luxor to launch the country’s first Bitcoin mining pool.
The first ever Bitcoin BTC mining pool was released in El Salvador as the Volcano Energy project launched block mining on Luxor Technology’s Lava Pool.
Tether, a stablecoin issuer, is one of the organizations participating in El Salvador’s $1 billion renewable energy project, which aims to produce electricity from renewable sources in order to fuel future Bitcoin mining activities in the nation. This initiative garnered news earlier in 2023.
Volcano Energy is taking use of Luxor’s expertise in the Bitcoin mining software and services industries. The initiative will also use automated risk management measures utilized by other big Bitcoin mining operators through Luxor’s Hashrate Forward Marketplace to stabilize the market.
El Salvador is working hard to get first-mover advantage as a Bitcoin-adopting nation-state, as underlined by a statement by Volcano Energy’s chief strategy officer Gerson Martinez.
In an interview, Ethan Vera, COO of Luxor, said that the company’s plans to launch Volcano Energy and begin Bitcoin mining locally would contribute to Bitcoin’s ideal of geographical decentralization.
Bitcoin mining has the potential to increase the profitability of renewable energy projects in nations with sufficient funds, as said in the announcement. Energy producers may find a new source of income and a “flexible buyer of first and last resort” in mining activities.
Volcano Energy, a public-private partnership, has agreed to provide the government of El Salvador with 23% of its profits from mining. The Central American country plans to spend its mining riches on electricity transmission and infrastructure in order to boost economic and technical development.