Volcano Energy from El Salvador and Luxor Technology Corporation from the United States, have joined forces to establish the world’s first Bitcoin mining consortium. The announcement was made via their official accounts on X.
This pioneering project, named “Lava Pool,” is set to harness the power of abundant renewable geothermal energy, according to Volcano Energy, a public-private partnership committed to exclusively mining Bitcoin through the Lava Pool initiative.
Gerson Martínez of Volcano Energy expressed their vision, stating, “Our aim is to create a vertically integrated Bitcoin mining and energy company, the value of which will accrue to investors and all Salvadoran citizens.”
In a recent report by Bitcoin Magazine, it was revealed that El Salvador intends to reinvest the proceeds generated from Bitcoin mining into enhancing the country’s energy transmission and distribution infrastructure, thereby strengthening its energy systems.
With the first Bitcoin mining pool now operational, El Salvador continues to lead the way in harnessing the potential of Bitcoin mining and renewable energy, captivating the attention of the global Bitcoin community.
Volcano Energy had previously announced a substantial $1 billion investment in June of this year for the development of a Bitcoin mining industry project in El Salvador.
In September 2021, El Salvador made history by becoming the first country in the world to adopt Bitcoin as a legal currency alongside the United States dollar, marking a significant economic initiative under the leadership of President Nayib Bukele.