The First Bitcoin Mining Pool From El Salvador Is Here

After launching their bitcoin mining project in El Salvador in June of this year, Volcano Energy announced a new agreement with Luxor Technologies to establish the first bitcoin mining pool based in the Central American country. Its name is Lava Pool.

According to Volcano Energy’s Chief Strategy Officer, Gerson Martínez, the goal of the pool is to decentralize bitcoin mining and take advantage of the “regulatory clarity” El Salvador has. “We decided to launch one from El Salvador, the only country with the regulatory clarity and the business climate that provides stability and predictability for bitcoin businesses,” Martínez explained through an e-mail interview.

Pools are basically groups of bitcoin miners who operate together to have their hash rate aggregated to enhance their chances of earning bitcoin through the activity. With this pool, the bitcoin mining strategy of El Salvador continues to evolve, and is ready to attract mineres to operate. Lava Pool’s payment will be Full Pay Per Share, meaning that the payment is distributed based on miners’ hash power contribution to the pool. They also aim to offer “the lowest-cost mining pool option for small miners,” Martínez underscored. Volcano Energy is building the infrastructure to mine profitably in and from El Salvador.

“The ethos of Bitcoin
BTC
mining revolves around geographical decentralization, and the development of mining pool infrastructure in El Salvador will contribute to this goal,” Luxor Chief Operations Officer Ethan Vera described in a joint release. Luxor receives a nominal fee from Lava Pool for management services, and in exchange, the pool gets a reduced mining fee. Luxor is one of the top-ten pools worldwide, and it has 3.3% of the network’s total hash rate, according to BTC.com stats.

Volcano Energy is building bitcoin mining facilities in the western department of Santa Ana, using eolic and solar energy sources. This project will generate renewable energy with a capacity of 241 MW that will be partially used to mine bitcoin and to provide cheap power to the local communities.

The Bitcoin network has 458.441 Ehash/s of hash rate right now. Despite BTC’s low prices since 2021, the hash rate and the miners’ interest in participating in the network have increased steadly.