• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 40 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 4 hours The United States produced more crude oil than any nation, at any time.
  • 9 hours China deletes leaked stats showing plunging birth rate for 2023
  • 5 days Bad news for e-cars keeps coming
  • 11 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

El Salvador Taps Geothermal Energy In New Bitcoin Mining Project

  • Volcano Energy collaborates with Luxor Technology to unveil Lava Pool, a Bitcoin mining pool in El Salvador powered by renewable geothermal energy.
  • Luxor's Hashrate Forward Marketplace provides Volcano Energy with tools to hedge against Bitcoin market volatility, supporting the Lava Pool venture.
  • El Salvador aims to utilize profits from Bitcoin mining to enhance its energy infrastructure, promoting energy security, economic growth, and sustainability.
Volcano

Today, Volcano Energy and Luxor Technology Corporation have officially unveiled Lava Pool, El Salvador's inaugural Bitcoin mining pool powered by abundant renewable geothermal energy.

Volcano Energy, a unique public-private partnership committed to contributing 23% of its net income to the Salvadoran government, will exclusively mine blocks through Lava Pool. 

“Lava Pool is another example of El Salvador’s first mover advantage as a nation-state in the Bitcoin ecosystem,” said Volcano Energy's CSO, Gerson Martinez. 

“Our vision is to create a vertically integrated energy and bitcoin mining company whose value is accretive to investors and to all Salvadoran citizens. We are thrilled to launch Lava Pool in partnership with Luxor Technology, an industry leader in developing bitcoin mining products and services for miners—from plebs to nation states.”

Luxor's Hashrate Forward Marketplace will equip Volcano Energy with hedging strategies already adopted by leading participants in the Bitcoin mining market to protect Lava Pool against market volatility.

“The ethos of Bitcoin mining revolves around geographical decentralization, and the development of mining pool infrastructure in El Salvador will contribute to this goal,” commented Luxor's COO, Ethan Vera. 

“We're excited to partner with Volcano Energy to launch Lava Pool and to support their mission in El Salvador and Latin America more broadly.”

This partnership aims to help push forward El Salvador's ongoing efforts to integrate Bitcoin into its energy infrastructure. With a wealth of renewable energy resources, Bitcoin miners in the country can help play a pivotal role in bolstering the economics of new energy projects since they can provide immediate revenue for these projects, particularly in remote regions, while offering flexible load management capabilities to support the grid during peak demand or periods of stress.

Moreover, El Salvador intends to reinvest the profits generated from Bitcoin mining into enhancing energy transmission and distribution infrastructure, strengthening the nation's energy systems. This multifaceted approach not only fosters energy security but also lays the foundation for economic growth, technological advancement, and a sustainable future.

With the first Bitcoin mining pool now operational, El Salvador continues to lead the way in harnessing the potential of Bitcoin mining and renewable energy, captivating the attention of the global Bitcoin community.

ADVERTISEMENT

By Nik Hoffman of BitcoinMagazine.com via Zerohedge.com 

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News