El Salvador has officially launched its first-ever local Bitcoin mining pool in collaboration with renewable energy project Volcano Energy and Bitcoin mining software provider Luxor Technology. This initiative aims to use renewable energy sources to power Bitcoin mining operations within the country. The project has attracted investments from companies like Tether, and its primary objective is to generate electricity from renewable sources to support Bitcoin mining activities in El Salvador. The partnership between Volcano Energy and Luxor Technology will utilize Luxor’s Hashrate Forward Marketplace to mitigate market volatility. Volcano Energy has committed to allocating 23% of its mining profits to the El Salvadoran government for reinvestment in energy transmission and infrastructure. The first phase of the project involves the construction of a 241-megawatt renewable energy park in Metapán. This innovative move represents the convergence of technology, renewable energy, and cryptocurrency to shape the future of El Salvador and potentially influence the global landscape.
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