To any prime alternating link, we associate a collection of hyperbolic right-angled ideal polyhedra by relating geometric, topological and combinatorial methods to decompose the link complement. The sum of the hyperbolic volumes of these polyhedra is a new geometric link invariant, which we call the right-angled volume of the alternating link. We give an explicit procedure to compute the right-angled volume from any alternating link diagram, and prove that it is a new lower bound for the hyperbolic volume of the link.
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