Volcano Energy, a renewable energy-focused Bitcoin mining company, has announced a strategic partnership with Luxor Technologies, a Bitcoin mining tech company, to launch Lava Pool, the first Salvadoran Bitcoin mining pool. Lava Pool will be harnessed by Volcano Energy, a company building a mining facility in Metapan.
Volcano Energy Launches First Salvadoran Bitcoin Mining Pool
Volcano Energy announced a strategic partnership with Luxor Technologies to launch Lava Pool, the first Salvadoran Bitcoin mining pool. The company, a startup focused on harnessing renewable energies for Bitcoin mining operations in the country, stated that it will only mine bitcoin through this new pool.
Volcano Energy, which came out of stealth mode in June, announcing a Tether-backed $1 billion investment, is building a 241-megawatt (MW) renewable energy mining facility in Metapan using photovoltaic (solar) and eolic (wind) energy. Lava Pool is another step toward building a fully integrated Bitcoin company, according to Volcano Energy CSO Gerson Martinez.
Martinez stated:
Our vision is to create a vertically integrated energy and bitcoin mining company whose value is accretive to investors and to all Salvadoran citizens.
Martinez emphasized that Lava Pool was an “example of El Salvador’s first mover advantage as a nation-state in the Bitcoin ecosystem.”
He also explained that another advantage that the country brings for establishing a Bitcoin mining pool is the existence of clear regulations, given that he considers El Salvador as “the only country with the regulatory clarity and the business climate that provides stability and predictability for Bitcoin businesses.”
Luxor’s Involvement and Future
Luxor, which operates one of the top ten Bitcoin mining pools, will provide Lava Pool participants with bitcoin hedging strategies to mitigate losses in the case of market volatility. The company stressed that it supported the decentralization objective of El Salvador with this move.
Luxor COO Ethan Vera stated:
The ethos of Bitcoin mining revolves around geographical decentralization, and the development of mining pool infrastructure in El Salvador will contribute to this goal. 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.
Volcano Energy had declared before that 23% of its net income would be paid to the Salvadoran government, reinvesting part of these benefits into revitalizing the current power transmission and distribution infrastructure.
What do you think about the launch of Lava Pool, the first Salvadoran Bitcoin mining pool? Tell us in the comments section below.
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