Bitcoin News Official TheBitTimes.com

El Salvador’s ambitious renewable energy Bitcoin mining operation welcomes its first mining pool as Volcano Energy partners with Luxor. El Salvador officially launched its first local Bitcoin (BTC) mining pool as the Volcano Energy project begins mining blocks through Lava Pool in partners hip with Luxor Technology. The Bitcoin-friendly country’s $1 billion renewable energy project made headlines earlier in 2023, with stablecoin issuer Tether among companies investing in the project that plans to generate electricity from renewable sources in El Salvador to power future Bitcoin mining operations in the country. Volcano Energy is tapping into Luxor’s experience in providing Bitcoin mining software and services. The project will also use Luxor’s Hashrate Forward Marketplace to mitigate market volatility through automated risk management strategies used by other major Bitcoin mining operators. Bitcoin has the potential to pay off its climate debt much sooner than solar energy, and, t...

Bitcoin miners appeared to be the model consumers for the ancillary services in the state. During the winter storm in Texas in December 2022, Bitcoin (BTC) mining operators returned up to 1,500 megawatts of energy to the distressed local grid. It became possible due to the flexibility of mining operations and the ancillary services, provided by the state authorities.  In his commentary to Satoshi Action Fund, Texas Blockchain Council president Lee Bratcher stated that miners returned up to 1,500 megawatts to the Texas grid. This amount of Energy would be enough to heat “over 1.5 million small homes or keep 300 large hospitals fully operational,” according to the calculations from the Bitcoin advocacy group. While there’s no specification regarding the exact time period in which miners have accumulated such an amount of power, the global Bitcoin mining hashrate dropped by 30% on Dec. 24-25, 2022. Miners appeared to be the model participants of ancillary services in the state, which...