- El Salvador pioneers a novel approach with “Lavapool”, a Bitcoin mining pool driven by renewable energy, as announced by the project operator, Volcano Energy, on October 4th.
- The ambitious “Volcano Energy” project eyes the establishment of a nationwide mining industry, leveraging the country’s abundant geothermal potential.
Harnessing Natural Resources for Digital Currency
El Salvador, which recently adopted Bitcoin as an official currency, is again at the forefront of the crypto revolution. With the inauguration of “Lavapool”, the nation introduces its premier mining pool. Spearheaded by Volcano Energy, the project embodies the fusion of sustainability and cutting-edge blockchain technology.
The overarching vision for the initiative is to foster a robust mining sector across the country. But what sets this apart is its unwavering commitment to renewables. El Salvador, blessed with an abundance of geothermal energy, is well-poised to harness its natural gifts for this modern digital endeavour.
Phase one of the Volcano Energy venture encompasses the construction of a 241-Megawatt renewable energy park in Metapán. Additionally, there are blueprints for a 169 Megawatt solar energy park and a 72 Megawatt wind farm, underlining the comprehensive renewable strategy.
However, such a mammoth undertaking requires significant expertise, and this is where Luxor Technology steps in. “Lavapool” is the culmination of a strategic alliance with Luxor. Volcano Energy is capitalizing on Luxor’s prowess in delivering top-notch Bitcoin mining software and services.
In a move that underscores the collaborative spirit of this venture, Volcano Energy, functioning as a public-private enterprise, has committed to channel 23% of its net mining revenues to the El Salvadorian government. Such a gesture not only fosters goodwill but also cements the bond between the nation’s developmental goals and technological advancements.
The project has also magnetized investment interest from heavyweight players in the crypto realm. Notably, the stablecoin issuer, Tether, has announced a whopping investment of approximately one billion US dollars towards the establishment of Volcano Energy.
El Salvador’s leap into sustainable Bitcoin mining is not just a technological advancement, but also a symbol of the harmonious coexistence between nature and the digital future.
