El Salvador launches Lava Pool, first bitcoin mining pool
Through a joint public and private sector effort, El Salvador launched its first bitcoin mining pool, called Lava Pool
El Salvador, a pioneering Central American country in adopting bitcoin as legal tender, launched its first mining pool for this cryptocurrency, called Lava Pool.
This is a joint effort between the public and private sectors, promoted by Volcano Energy and Luxor Technology Corporation. The project is focused on renewable bitcoin mining.
This ambitious project in El Salvador, “which has the support of companies like Tether, plans to generate electricity from renewable sources to boost Bitcoin mining operations in the Central American country.”
According to statements to Forbes by the CEO of Volcano, Gerson Martínez, Lava Pool’s main goal is to decentralize the mining of the main cryptocurrency on the market, as well as take advantage of the “regulatory clarity” of the country.
The executive added: “Our vision is to create a vertically integrated bitcoin mining and energy company whose value is cumulative for investors and for all Salvadoran citizens.”
Vulcano Energy works hand in hand with Luxor, a company that provides its extensive experience in software and services for bitcoin mining. In the case of Lava Pool, Luxor’s Hashrate Forward Marketplace will be used, which will mitigate market volatility by resorting to automated risk management strategies that have been successful in other mining operators of this cryptocurrency.
For his part, Luxor’s director of operations, Ethan Vera, has also shown his satisfaction with the work on this project, which allows supporting the country in crypto mining with the use of renewable energy from a photovoltaic solar source.
El Salvador’s mining pool will contribute 23 % of its net operating income to the local government.
M.Pino
Source: diariobitcoin
(Reference image source: Raul Flamenco, Unsplash)
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