According to Cointelegraph, the Salvadoran authorities’ Bitcoin mining project Volcano Energy has partnered with Luxor Technology to launch the country’s first mining pool, Lava Pool. Volcano Energy is leveraging Luxor’s experience in providing Bitcoin mining software and services. The project will also use Luxor’s computing power forward market to mitigate market volatility through automated risk management strategies used by other major Bitcoin mining operators.
As a public-private partnership, Volcano Energy will contribute 23% of net revenues from its mining operations to the Salvadoran government. Mining profits will also be reinvested in energy transmission and infrastructure to stimulate economic and technological growth in the Central American country.
