Volcano Energy, a Bitcoin mining project launched by the Salvadoran authorities, in partnership with Luxor Technology, presented the country’s first mining pool, Lava Pool. This is reported by Cointelegraph.
As part of the public-private partnership, the structure pledged to contribute 23% of net income to the government. The funds will be invested in energy infrastructure to support economic growth.
Lava Pool will use Luxor’s mining software and the company’s hedging strategies to protect clients from the risks of market volatility.
In June, the authorities of El Salvador announced a project to mine the first cryptocurrency using renewable energy sources.
Tether, the issuer of the USDT stablecoin, took part in the first round of funding for Volcano Energy in the amount of $1 billion. The company acts not only as an investor, but also as a consultant.
At the initial stage, the facility’s power consumption will be 241 MW, the hashrate will be 1.3 EH/s.
“Our mission is to create a vertically integrated Bitcoin mining energy company that will grow in value for investors and all citizens of El Salvador,” said Volcano Energy Chief Strategy Officer Gerson Martinez.
Let us recall that in September 2021, El Salvador was the first in the world to legalize digital gold as a legal means of payment.
The state-owned company LaGeo began experiments with Bitcoin mining using geothermal volcanic energy in October of the same year.
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2023-10-04 15:06:07
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