Odaily Planet Daily News Volcano Energy, a fully renewable mining facility located in El Salvador, has partnered with mining service provider Luxor Technology to mine Bitcoin through lava pools.
Volcano Energy is leveraging Luxor’s experience in providing Bitcoin mining software and services. The project will also leverage Luxor’s hashrate forwards market to mitigate market volatility through automated risk management strategies used by other major Bitcoin mining operators. .
As a public-private partnership, Volcano Energy will contribute 23% of the net income from its mining operations to the El Salvadoran government. Mining profits will also be reinvested in energy transmission and infrastructure to stimulate economic and technological growth in the Central American country. (Cointelegraph)
According to previous news, Tether participated in Volcano Energy’s initial US$250 million financing. Volcano Energy, a fully renewable mining facility in El Salvador, will eventually raise $1 billion to build the world’s largest mining facility.