[NEWS] El Salvador announces "Lava Pool," a Bitcoin mining pool that uses volcanic heat

On the 5th, El Salvador's cryptocurrency technology company Volcano Energy and Luxor Technology Corporation officially announced "Lava Pool," El Salvador's first Bitcoin mining pool that utilizes volcanic heat, a local energy source.

Volcano Energy has signed a contract to contribute 23% of the profits from mining to the Salvadoran government. This will be El Salvador's first public-private partnership in the cryptocurrency field. Going forward, they will mine Bitcoin exclusively using lava heat.

Gerson Martinez, CSO (Chief Strategy Officer) of Volcano Energy, said that Lava Pool will be an example of El Salvador's first-mover advantage in the Bitcoin (BTC) ecosystem, and that our vision is to create a vertically integrated company that combines Bitcoin mining and energy, which will increase value for the people of El Salvador.

Going forward, they will use Luxor's hashrate forward marketplace. The system will protect Lava Pool from volatility. In addition, hedging strategies already adopted in the Bitcoin mining market will be applied to Volcano Energy.

Luxor COO Ethan Vera said the development of mining pool infrastructure in El Salvador will contribute to the geographic decentralization of Bitcoin mining, and said, "We are pleased to support the mission in El Salvador and Latin America."

The partnership aims to advance El Salvador's ongoing efforts to integrate Bitcoin into its energy infrastructure.

Bitcoin miners can provide instant revenue to projects in remote areas rich in renewable energy resources, and therefore can play a key role in new energy projects. They can also provide load management capabilities and support.

El Salvador will reinvest profits from Bitcoin mining in strengthening its energy transmission and distribution infrastructure, strengthening the country's energy system. This multifaceted approach will promote energy security and lay the foundation for economic growth, technological advancement, and a sustainable future.

El Salvador will be unique in the world in leveraging renewable energy sources: Bitcoin mining and volcanic heat.

Reference:Announcement
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