Bitcoin

Read

<p class="is-style-lead">El Salvador is launching its first Bitcoin mining pool, called Lava Pool, aiming to decentralize mining and leverage renewable energy.</p>
<p>El Salvador is set to establish its first-ever Bitcoin mining pool after a historic <a href="https://twitter.com/Volcano_Energy/status/1709584699117412588" target="_blank" rel="noopener noreferrer nofollow">collaboration</a> between Volcano Energy and Luxor Technologies. The initiative aims to harness El Salvador’s distinct regulatory advantages and renewable energy capacity.&nbsp;</p>
<p>While part of this energy will be earmarked for Bitcoin mining, the remaining supply will offer economical electricity options to El Salvador’s local communities.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🇸🇻Excited to announce the launch of Lava Pool in collaboration with <a href="https://twitter.com/LuxorTechTeam?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@LuxorTechTeam</a>. By launching the first <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> mining pool from El Salvador, we aim to further decentralize bitcoin's hashrate, and to strengthen the country's energy infrastructure. 🌋⛏️ <a href="https://t.co/Ef9okyBI5y" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Ef9okyBI5y</a></p>— Volcano Energy 🇸🇻🌋🔌 (@Volcano_Energy) <a href="https://twitter.com/Volcano_Energy/status/1709584699117412588?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 4, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="el-salvador-s-strategic-ambitions-in-bitcoin-mining">El Salvador’s strategic ambitions in Bitcoin mining</h2>
<p>Mining pools are collective efforts by individual Bitcoin miners to combine their computational power, thereby boosting the odds of gaining Bitcoin rewards. Leveraging El Salvador’s unique regulatory landscape, Lava Pool aims to decentralize the Bitcoin mining process.&nbsp;</p>
<p>You might also like: <a href="https://crypto.news/venezuela-authorities-seize-bitcoin-mining-machines/" rel="noopener noreferrer nofollow"> Venezuela authorities seize Bitcoin mining machines from notorious prison </a></p>
<p>With Lava Pool, <a href="https://crypto.news/binance-gets-fully-licensed-in-el-salvador/" rel="noopener noreferrer nofollow">El Salvador’s</a> Bitcoin mining strategy advances towards maturity, attracting a broader range of miners. Volcano Energy confirmed that the payment model for Lava Pool would be Full Pay Per Share, a system that apportions earnings based on each miner’s hash rate contribution. The goal is to make Lava Pool the go-to, cost-effective option for smaller operators.</p>
<p>On the energy front, Volcano Energy is taking the lead in developing Bitcoin mining facilities in Santa Ana, a western region of El Salvador. Employing wind and solar resources, the renewable energy output is projected at 241 megawatts. This allocation will not only fuel Bitcoin mining but also deliver affordable electricity to communities across El Salvador.</p>
<p>Read more: <a href="https://crypto.news/report-ftx-employees-were-aware-of-alamedas-backdoor-code/" rel="noopener noreferrer nofollow"> Report: FTX employees were aware of Alameda’s backdoor code </a></p>

El Salvador pioneers first Bitcoin mining pool, boosting renewable energy

Table of Contents

crypto.news

Other articles published on Oct 5, 2023

MSFT Stock Price: Bulls About to Break the Trend, Don’t Miss It

FTX exploiter converts another $25M worth of ETH to BTC, total up to $100M

SEC Takes Another Hit; Judge Rejects Appeal in Ripple Case

BAC Stock (NYSE: BAC) Shows Breakdown, Will BAC Revive Gains?

While Everyone is Talking About XRP, Santiment Draws Attention to These Two Altcoins!

Sam Bankman-Fried's college roommate testifies against him

Join our free newsletter for daily crypto updates!