El Salvador is pioneering a novel approach to Bitcoin mining with the launch of “Lavapool”, a mining pool powered by renewable energy. The ambitious project, spearheaded by Volcano Energy, seeks to establish a nationwide mining industry by leveraging the country’s abundant geothermal potential.Volcano Energy is constructing a 241-Megawatt renewable energy park in Metapán, as well as a 169 Megawatt solar energy park and a 72 Megawatt wind farm. Luxor Technology is providing the necessary software and services to make the project a reality.In addition, Volcano Energy has committed to channel 23% of its net mining revenues to the El Salvadorian government. The project has also attracted investment from Tether, who have announced an investment of approximately one billion US dollars.El Salvador’s foray into sustainable Bitcoin mining is a testament to the potential of blockchain technology and renewable energy to work together. It is also a symbol of the nation’s commitment to technological advancement and development.

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Information	Details
Geography	South America
Countries	🇸🇻
Sentiment	positive
Relevance Score	8
People	SEC, Luxor Technology, FCA., Tether, CySEC, Volcano Energy, FINRA
Companies	SEC, Luxor Technology, Coinbase, FCA, Tether, CySEC, Volcano Energy, FINRA
Currencies	US Dollar, Ethereum, Bitcoin, Tether, ELYSIA
Securities	None