Benzinga - A leader in adopting Bitcoin (CRYPTO: BTC) as its national currency, El Salvador is now launching its first local Bitcoin mining pool, Lava Pool.
The project is led by Volcano Energy in association with Luxor Technologies, which is known for its expertise in providing Bitcoin mining software and services.
Also Read: El Salvador's Bitcoin Bet Pays Off As Bonds Skyrocket With 70% Returns
Volcano Energy project’s initial phase is mainly the construction of a 241-megawatt (MW) renewable energy park within the country; it will have 169 MW of photovoltaic solar energy and 72 MW of wind power.
In the collaboration, Luxor’s hashrate forward marketplace will be used to employ automated risk management strategies to combat market volatility, a widespread challenge faced by major Bitcoin mining operators.
Benzinga's Future of Digital Assets conference, scheduled for Nov. 14, is poised to be a pivotal gathering for the digital assets community. The event will spotlight the latest trends, innovations and challenges in the digital asset realm.
Volcano Energy will contribute 23% of its net income from mining operations to the El Salvador government. The mining profits will also be redirected to energy transmission and infrastructure projects driving broader economic growth and technological advancement.
In early 2023, Tether invested in El Salvador’s huge $1 billion renewable energy project which will assist in generating electricity from renewable sources and thus power the Bitcoin mining operations.
Read Now: Blockchain Innovations Take Center Stage In Countries Such As Singapore
Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.