Not much information has been disclosed about El Salvador's volcano mining plan. The main energy sources for the first Bitcoin mining pool will be solar and wind power for the time being. It is unclear whether the country and the energy company Volcano Energy can effectively use the volcano to generate electricity.
El Salvador’s first Bitcoin mining pool
As part of the Volcano Energy Mining Plan, energy company Volcano Energy has partnered with mining service provider Luxor Technology to announce the launch of the first Bitcoin mining pool in El Salvador.
In addition to trying to mine Bitcoin through volcanic lava power generation in the future, Volcano Energy also plans to use Luxor's computing power futures market and automated risk control strategies to mitigate market fluctuations.
The first phase of the Volcano Energy Plan includes the construction of a 241 MW renewable energy park in the northwestern town of Metapan, covering 169 MW of solar and 72 MW of wind energy. Volcanic geothermal energy is a long-term goal.
Chief Strategy Officer of Volcano Energy said:
We hope to bring more value to investors and citizens of El Salvador.
Luxor Chief Operating Officer Ethan Vera pointed out that the launch of El Salvador’s first mining pool will help promote the geographical decentralization spirit of Bitcoin.
Excited to announce the launch of Lava Pool in collaboration with @LuxorTechTeam. By launching the first#Bitcoinmining pool from El Salvador, we aim to further decentralize bitcoin's hashrate, and to strengthen the country's energy infrastructure. https://t.co/Ef9okyBI5y
— Volcano Energy (@Volcano_Energy) October 4, 2023
Mining proceeds donated to El Salvador
According to Cointelegraph, as part of the partnership, Volcano Energy may contribute 23% of the net mining revenue to the El Salvadoran government, while investors will receive 27%, and the remaining 50% of the mining profits will be reinvested in energy infrastructure. To stimulate the growth of El Salvador’s economy and related technologies.
Stablecoin issuer Tether is also one of the investors in Sado Volcano Mining:
(Tether participates in Bitcoin volcano mining in El Salvador, and a billion-dollar Bitcoin bond is finally issued?)
Not much information has been disclosed about El Salvador’s volcano mining plan, and it is unclear whether the country and the energy company Volcano Energy can effectively use the volcano to generate electricity.
El Salvador President Nayib Bukele has not made any statement on this.
This article Energy Company Launches the First Bitcoin Mining Pool in El Salvador, Sharing 23% of Salvador’s Revenue Every Year First appeared on Chain News ABMedia.