El Salvador opens first Bitcoin mining pool "Lavapool"

"Lavapool," the first mining pool, is set to open in El Salvador. Operator Volcano Energy announced on Oct. 4. The long-term goal of the project is to build a nationwide mining industry. Powered by renewable energy. This also means developing the country's abundant geothermal energy.

The first phase of the Volcano Energy project includes the construction of a 241-megawatt renewable energy park in Metapán. There are plans for a 169-megawatt solar park and a 72-megawatt wind turbine. Lavapool is the result of a partnership with Luxor Technology. Volcano Energy is leveraging Luxor's experience in providing Bitcoin mining software and services.

As a public-private partnership, Volcano Energy will donate 23 percent of its net mining revenues to the government of El Salvador. Also invested in the project: stablecoin issuer Tether. The company announced in June 2023 that it would invest about $1 billion to build Volcano Energy.