News - El Salvador opens first Bitcoin mining pool "Lavapool"

By Luc Vesters

El Salvador opens first Bitcoin mining pool "Lavapool"

Bitcoin (BTC)

"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.

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