In 2021, following the legalization of Bitcoin, President of El Salvador Nayib Bukele announced plans to launch a national mining pool utilizing geothermal energy.
Volcano Energy and Luxor were chosen to participate and provide necessary software for the pool.
The companies have agreed to transfer 23% of the profits made from mining to the treasury of El Salvador.
According to Josue Lopez, head of Volcano Energy, the country has seen rapid development since recognizing BTC as a legitimate form of payment.
El Salvador also plans to increase investments in infrastructure for mining the cryptocurrency, while simultaneously offering “Bitcoin bonds” backed by the country’s digital currency reserves in hopes of raising $1 billion for the budget.
