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Bitcoin mining project launched by Volcano Energy, collaborating with Luxor Technologies, established the first Bitcoin mining pool named Lava Pool in El Salvador.
▪️ Bitcoin miners combine their computing power to increase their chances of finding a Bitcoin block, forming groups known as mining pools.
▪️The Lava Pool project in El Salvador aims to decentralize Bitcoin mining and benefit from the country’s regulatory transparency. Also, Gerson Martínez, Chief Strategy Officer of Volcano Energy, stated, “We decided to launch a mining pool here by leveraging the regulatory clarity and stable environment offered by El Salvador, to provide a stable platform for Bitcoin businesses.”
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▪️ In addition, Ethan Vera, Director of Operations at Luxor, said, “Geographic decentralization is considered a fundamental principle in Bitcoin mining, and the development of mining pool infrastructure in El Salvador will contribute to achieving this critical goal.”
▪️ In the western regions of El Salvador, in Santa Ana, Volcano Energy is currently building BTC mining facilities. Additionally these facilities are operational in a setting where Luxor, one of the top ten pools worldwide, represents 3.3% of the total network hash rate. Luxor will receive a symbolic fee for management services from Lava Pool, and in return, Lava Pool will benefit from a lower mining fee.
▪️ This project aims to generate 241 MW of renewable energy, with a portion allocated for Bitcoin mining and also the remainder to supply affordable energy to local communities. This will both employ environmentally friendly energy sources and provide economic advantages to local communities.
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