El Salvador launches its first local Bitcoin mining pool as a renewable power project.
El Salvador’s ambitious renewable energy Bitcoin mining operation welcomes its first mining pool as Volcano Energy partners with Luxor.The Bitcoin-friendly country’s $1 billion renewable energy project made headlines earlier in 2023, with stablecoin issuer Tether among companiesthat plans to generate electricity from renewable sources in El Salvador to power future Bitcoin mining operations in the country.
Bitcoin has the potential to pay off its climate debt much sooner than solar energy, and, thanks to its ability to mitigate methane, it can address more urgent challenges.A statement from Volcano Energy chief strategy officer Gerson Martinez highlighted ongoing efforts by El Salvador to secure first-mover advantage as a Bitcoin-adopting nationstate:
Luxor’s chief operating officer Ethan Vera said the establishment of Volcano Energy and the start of local Bitcoin mining will contribute to Bitcoin’s ethos of geographical decentralization.
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