OCEAN Mining Pool, backed by prominent figures like Jack Dorsey and Bitcoin Core developer Luke Dashjr, has chosen El Salvador as the site for its global headquarters.
This decision aligns with OCEAN’s mission to decentralize Bitcoin mining worldwide and takes advantage of El Salvador’s progressive stance on Bitcoin.
OCEAN, led by CTO Luke Dashjr and President Mark Artymko, will operate its international business development hub in the capital city of San Salvador.
Dashjr stated:
“El Salvador is on the leading edge of Bitcoin and Bitcoin mining adoption, and we believe OCEAN’s presence here will help to advance these efforts here and create new opportunities for El Salvador and elsewhere.”
The decision to set up in El Salvador was contrasted with the restrictive stances of other regions. Artymko highlighted:
“To further our decentralization efforts we needed a global presence, and El Salvador was the obvious choice. With places like Venezuela and the EU imposing legislation to ban Bitcoin mining, El Salvador’s political stance was in stark contrast and a beacon of hope for the industry.”
El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender. This initiative was aimed at boosting financial inclusion and fostering economic growth.
Despite facing some domestic challenges, the international Bitcoin community largely supported this bold move. The country’s commitment to Bitcoin has earned it the nickname “Bitcoin Country.”
The government of El Salvador, led by President Nayib Bukele, has taken significant steps to integrate Bitcoin into the economy.
Initiatives like the Chivo Wallet, which offered $30 in bitcoin to users, and plans to mine Bitcoin using geothermal energy from volcanoes, highlight the nation’s innovative approach.
However, these efforts have not been without hurdles, including technical issues and public skepticism. Nevertheless, OCEAN’s decision to establish its headquarters in El Salvador has been well-received by local officials.
Stacy Herbert, director of El Salvador’s Bitcoin Office, expressed approval of the OCEAN Mining team’s decision, highlighting that it validates El Salvador’s growing Bitcoin-focused culture.
She emphasized that this environment offers essential tools for global entrepreneurs to succeed in a Bitcoin economy and extended a welcome to OCEAN and other companies promoting Bitcoin adoption.
Jack Dorsey, known for his advocacy of Bitcoin, is expected to play a significant role in OCEAN’s operations in El Salvador. His involvement underscores the company’s commitment to fostering a decentralized Bitcoin mining ecosystem.
A core objective of OCEAN Mining Pool is to promote decentralization within the Bitcoin mining industry. The company plans to implement technologies like Stratum V2, which aims to shift power away from a few large mining pools to a broader base of miners.
“Stratum V2 is just the start. For us, it goes much deeper and is about shifting the balance of power away from a handful of pools and bringing miners of all sizes closer to the nucleus of Bitcoin.” said Bitcoin Mechanic, OCEAN’s Global Head of Sales.
Operating from their new hub in El Salvador, OCEAN aims to ensure maximum reach and adoption of these decentralization features within a favorable regulatory environment.
This strategic location will enable OCEAN to leverage El Salvador’s supportive stance on Bitcoin, promoting innovation and growth in the Bitcoin space.
OCEAN is not just focused on mining; it is also committed to contributing to Bitcoin education and community development in El Salvador.
The company plans to support initiatives like “Bitcoin Beach” in El Zonte, a coastal town that has developed a thriving local Bitcoin-based economy. By investing in local education and development, OCEAN hopes to support the organic growth of circular economies based on Bitcoin.
Their efforts are expected to create new opportunities and further Bitcoin adoption both locally and globally.
OCEAN Mining’s non-custodial, transparent, and permissionless platform is poised to play a crucial role in empowering miners worldwide. By choosing El Salvador, OCEAN is positioning itself at the forefront of Bitcoin innovation and adoption.
