El Salvador launch the first bitcoin mining pool run entirely on geothermal energy

On October 4, 2023, El Salvador launchged its first Bitcoin mining pool, named Lava Pool, powered entirely by renewable geothermal energy from the nation’s volcanoes. This initiative was a part of the Volcano Energy project, a unique public-private partnership aimed at harnessing the geothermal power of El Salvador’s volcanoes to mine Bitcoin.
 

The launch of Lava Pool was a significant step in El Salvador’s efforts to integrate Bitcoin into its energy infrastructure and economy. The country had already made history in June 2021 by becoming the first nation to adopt Bitcoin as legal tender, and this new development further solidified its position as a pioneer in the Bitcoin ecosystem.
 

Volcano Energy, in collaboration with Luxor Technology Corporation, spearheaded the creation of Lava Pool. The pool was designed to provide a sustainable mining solution by utilizing the abundant renewable geothermal energy available in El Salvador. This approach not only fostered energy security but also laid the foundation for economic growth, technological advancement, and a sustainable future.
 

The Salvadoran government, committed to contributing 23% of the net income from the mining pool to the nation’s treasury, envisioned this project as a means to support the local economy and infrastructure. The profits generated from Bitcoin mining were intended to be reinvested into enhancing energy transmission and distribution infrastructure, thereby strengthening the nation’s energy systems.