El Salvador Launches a Bitcoin Mining Pool
Following the legalization of Bitcoin in 2021, President of El Salvador Nayib Bukele revealed plans to launch a national mining pool in the country.
The government aimed to mine Bitcoins by utilizing geothermal energy. Last week, the mining pool officially launched with collaboration from Volcano Energy and Luxor, who provided the necessary software.
In an official statement, Volcano Energy announced that 23% of the mining profits will be allocated to the treasury of El Salvador.
According to the CEO of Volcano Energy, Josue Lopez, the recognition of BTC as a legitimate form of payment has accelerated growth in the Latin American nation.
Moreover, El Salvador has announced plans to increase investment in expanding infrastructure for mining the leading cryptocurrency.
Additionally, the government intends to issue “Bitcoin bonds” to raise $1 billion for the budget by selling government securities backed by the country’s reserves in digital currency.
