2023-10-05 14:04:36
Salvador’s ambitious renewable energy bitcoin mining project Volcano Energy has partnered with Luxor to officially launch its first mining pool. The partnership between Volcano Energy and Luxor Technology is called Lava Pool. The $1 billion project by the country, which sees great potential in Bitcoin, aims to generate electricity from renewable sources in El Salvador to cover the energy needs of the country’s future Bitcoin mining operations. With regard to the software and services required for Bitcoin mining, Volcano Energy relies on Luxor’s experience, and to mitigate market volatility, it calls upon Luxor’s Hashrate Forward Marketplace, which provides automated risk management strategies that are already well-known to major Bitcoin miners. In a statement, Volcano Energy Chief Strategy Officer Gerson Martinez highlighted Salvador’s ongoing efforts to capitalize on its pioneering status in bitcoin adoption: “Our vision is to create a vertically integrated energy and bitcoin mining company that creates value for investors and all Salvadoran citizens alike. ” Luxor CEO Ethan Vera said that the creation of Volcano Energy and the local start-up of bitcoin mining furthers the ethos of geographic decentralization for bitcoin. The announcement also mentions that countries with abundant renewable energy resources can use bitcoin mining to improve the economics of their new energy projects. Mining operations can serve as “flexible first and last customers” for energy producers, thereby providing an alternative source of income. As it is a public-private partnership, the mining pool contributes 23% of the net income from the activity to the Salvadoran treasury. Mining profits are invested in energy management and infrastructure development, spurring the Central American nation’s economic and technological growth. The first phase of the Volcano Energy project will see the construction of a 241 megawatt (MW) renewable energy park in Metapán, comprising 169 MW of solar power and 72 MW of wind power. The long-term goal of the project is to exploit the country’s abundant geothermal energy.
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