El Salvador Launches Own Bitcoin Mining Pool

A new Bitcoin mining venture called Volcano Energy has been launched by the government of El Salvador in partnership with Luxor Technology.

The project has introduced the country’s first mining pool, called Lava Pool.

As part of the collaboration, Volcano Energy has committed to donating 23% of its net income to the government, which will be used to develop energy infrastructure and support economic growth.

Lava Pool will utilize Luxor’s mining software and hedging strategies to provide clients with protection against market volatility.

The El Salvadoran government announced its plans to utilize renewable energy sources for Bitcoin mining in June.

Tether, the issuer of the USDT stablecoin, has invested $1 billion into the first phase of funding for Volcano Energy and will also act as a consultant for the project.

At its initial stage, the facility will consume 241 MW of power and have a hashrate of 1.3 EH/s.