Launch of El Salvador's First Bitcoin Mining Pool: Lava Pool

El Salvador is deepening its commitment to Bitcoin and renewable energy with the launch of its first Bitcoin mining pool, Lava Pool.

Using geothermal energy and collaborating with Luxor Technology, the venture aims to decentralize Bitcoin's hash rate and fortify the national energy infrastructure.

El Salvador's Volcano Energy Initiates Profit-Sharing with Government

On October 5, 2023, Volcano Energy, a Bitcoin mining company in El Salvador, announced the launch of the nation's first Bitcoin mining pool, known as "Lava Pool."

Lava Pool is the first Bitcoin mining pool in El Salvador to utilize renewable geothermal energy. The pool is offered in partnership with Luxor Technology, a company specializing in mining-related services.

Volcano Energy stated, "Our aim is to further decentralize Bitcoin's hash rate and strengthen the country's energy infrastructure." They have also entered into a contract committing to donate 23% of their net profits to the El Salvador government.

El Salvador’s Ongoing Bitcoin Initiatives

El Salvador is well-known for adopting Bitcoin as one of its legal currencies and continues to regularly purchase BTC. Plans have also been announced to construct a cryptocurrency-promoting city known as "Bitcoin City."

This mining pool venture is part of El Salvador's ongoing efforts in the cryptocurrency space.

The government has reported that they plan to reinvest the profits gained from BTC mining back into enhancing their energy distribution infrastructure, thereby fortifying the national energy system.