El Salvador welcomes its first Bitcoin mining pool through the partnership of Volcano Energy and Luxor.
As the Volcano Energy project begins to mine blocks through Lava Pool in partnership with Luxor Technology, El Salvador has officially launched its first local Bitcoin mining pool. In early 2023, the country's $1 billion renewable energy project made headlines, with stablecoin issuer Tether among the companies investing in the project, which aims to generate electricity from renewable sources in El Salvador to power future Bitcoin mining operations in the country.
Gerson Martínez, Volcano Energy's Chief Strategy Officer, highlighted El Salvador's ongoing efforts to secure the advantage of being the first nation-state to adopt Bitcoin: "Our vision is to create a vertically integrated Bitcoin mining and energy company whose value accrues to investors and all Salvadoran citizens."
Ethan Vera, Luxor's Chief Operating Officer, stated that the establishment of Volcano Energy and the commencement of local Bitcoin mining will contribute to BTC's philosophy of geographic decentralization.
The announcement also mentions the potential for countries with abundant renewable energy sources to use Bitcoin mining to boost the economies of new energy projects. Mining operations can provide a "flexible, first and last resort buyer" for energy producers and serve as an alternative source of income.
As a public-private partnership, Volcano Energy is expected to contribute 23% of its net income from mining operations to the government of El Salvador. Mining profits will also be reinvested in energy transmission and infrastructure to stimulate economic and technological growth in the Central American nation.
Read more here: https://es.cointelegraph.com/news/el-salvador-first-bitcoin-mining-poolvolcano-energy-luxor