ZoneBitcoin EditorialEl Salvador has just announced that the bitcoin mining pool called 'Lava Pool' powered by volcanic energy is now operational. This is the first mining farm of its kind in the world. After the many criticisms launched in particular by NGOs such as Greenpeace, the question of the energy consumption of bitcoin is an ever more delicate subject.
With the launch of such a mining farm, El Salvador and the Bitcoin mining community are showing that there are solid alternatives to fossil energy to power the bitcoin network. Even more, it is also a new opportunity to create financial revenue for the country.
The Lava Pool in El Salvador, a financial opportunity
Two companies are behind this initiative: Volcano Energy which is a state-owned company and Luxor Technology Corporation which is a company specializing in bitcoin mining. This private-public partnership will return 23% of net income to the Salvadoran government. It is then a new financial opportunity for the country and falls within the commitments made by the president Nayib Bukele.
These additional revenues for the country will be partially reinvested in improving the energy transmission and distribution infrastructure, to strengthen the country's energy system which is not optimal today.
Lava Pool will also likely revive economic growth, promote technological development and improve the country's energy sector.
A renewable energy mining farm
The latter had repeatedly announced his desire to use the energy of Volcano San Salvador to power bitcoin mining farms with renewable geothermal energy. This is also a prerogative of all miners who are increasingly using green energy to mine bitcoin, according to the Bitcoin Mining Council.
El Salvador continues to lead the way in exploiting the potential of Bitcoin mining within a nation that wants to make bitcoin a true economic springboard.
yi4mx0