Volcano Energy and Luxor Launch El Salvador's First Renewable Energy Powered Bitcoin Mining Pool
The collaboration supports El Salvador's efforts to integrate Bitcoin into its energy infrastructure, harnessing renewable resources to boost economic projects
Volcano Energy and Luxor Technology Corporation unveiled El Salvador’s first Bitcoin mining pool powered by renewable geothermal energy. The first Salvadorian Bitcoin mining pool is named ‘Lava Pool’.
The infrastructure will mine profitably in and out of El Salvador. The project’s first phase involves the construction of a 241-megawatt (MW) renewable energy park in Metapán, consisting of 169 MW of solar photovoltaic energy and 72 MW of wind energy. The project’s long-term goal is to harness the abundant geothermal energy in the country.
The pool is an outcome of a strategic collaboration between Volcano Energy, a renewable energy-focused Bitcoin mining company and Luxor Technologies, a Bitcoin mining tech company.
Luxor, which operates one of the top ten Bitcoin mining pools, will offer Lava Pool participants Bitcoin hedging strategies to reduce losses due to market volatility. Luxor will receive a nominal fee from Lava Pool for its services.
Luxor’s Chief Operating Officer(COO), Ethan Vera, expressed his support for the mission, “The ethos of Bitcoin mining revolves around geographical decentralisation, and the development of mining pool infrastructure in El Salvador will contribute to this goal”, he said.