El Salvador's first volcano-powered Bitcoin mining project goes live

奔跑财经-FinaceRun · 2023-10-06T04:53:07.000Z

The crypto-forward nation’s long-promised dream of geothermal Bitcoin mining may finally become a reality with Lava Pool, the first project in the country to attempt this. El Salvador today launched Lava Pools, the country’s first Bitcoin mining pool powered by renewable geothermal energy. The project, a partnership between energy company Volcano Energy and technology company Luxor Technology, is the country’s first attempt to harness abundant renewable geothermal energy for cryptocurrency mining. According to a press release, the lava pools will be maintained by Volcano Energy, a public-private partnership that has pledged to donate 23 percent of its net revenue to the government of El Salvador.

The cryptocurrency frontier nation’s long-promised dream of geothermal bitcoin mining may finally become a reality with Lava Pool, the first project in the country to attempt it.
El Salvador today launched Lava Pool, the country’s first Bitcoin mining pool powered by renewable geothermal energy.
The project, a collaboration between energy company Volcano Energy and tech company Luxor Technology, is the country’s first attempt to harness abundant renewable geothermal energy for cryptocurrency mining.
According to a news release, the lava pool will be maintained by Volcano Energy, a public-private partnership that has pledged to donate 23 percent of its net revenue to the Salvadoran government.
The pool will benefit from Luxor’s hash rate forward market, which provides hedging strategies against market volatility and is already used by leading players in the Bitcoin mining market.
Gerson Martinez, Chief Strategy Officer of Volcano Energy, stressed the importance of the project and said it is a vivid demonstration of El Salvador's pioneering role in the Bitcoin ecosystem. The move underscores the country's ongoing efforts to incorporate Bitcoin into its energy infrastructure, a strategy that can significantly improve the economics of new energy projects, especially in remote areas of demand or stress, provide immediate revenue and provide flexible load management capabilities to support the grid during periods of high voltage.
Ambitious plans
The plan is part of the wider Volcano Energy Project, an ambitious effort to build a global Bitcoin mining giant powered by renewable solar and wind energy. The project plans to develop a 241-megawatt renewable energy power park in El Salvador’s Metapan region, funded by a total of $1 billion pledged by Bitcoin industry leaders.
Additionally, the initial hashrate of the Bitcoin mining farm is expected to exceed 1.3 EH/s, placing Volcano Energy among the top 20 mining pools by hashrate. With a hashrate comparable to NiceHash and KuCoin, this development marks an important step for El Salvador towards economic freedom, energy competitiveness, and self-reliance, which the country aims to achieve through the integration of Bitcoin and renewable energy.
With the launch of El Salvador’s first Bitcoin mining pool, the country continues to make its mark on the global Bitcoin stage, demonstrating to the rest of the world the potential of Bitcoin mining and renewable energy integration. However, it remains to be seen how this development will impact the wider acceptance and integration of Bitcoin mining into the global energy infrastructure. #比特币  #萨尔瓦多 