El Salvador continues to solidify its position as a Bitcoin-friendly nation, attracting cryptocurrency companies and projects from around the world.
The latest addition to the country’s growing Bitcoin ecosystem is OCEAN, a mining pool backed by former Twitter CEO Jack Dorsey and led by Bitcoin Core developer Luke Dashjr.
TLDR
- Jack Dorsey-backed Bitcoin mining pool OCEAN has established a new international hub in El Salvador’s capital city, San Salvador.
- OCEAN aims to promote the decentralization of Bitcoin mining globally and leverage El Salvador’s Bitcoin-friendly regulations.
- The company plans to contribute to Bitcoin education and community development, particularly in areas like Bitcoin Beach (El Zonte).
- OCEAN’s move reinforces El Salvador’s commitment to becoming a Bitcoin-centric nation after adopting it as legal tender in 2021.
- The mining pool, led by Bitcoin Core developer Luke Dashjr, will focus on technologies like Stratum V2 to shift power from large mining pools to a broader base of miners.
OCEAN has established a new international hub in the capital city of San Salvador, marking a significant step in its mission to promote the decentralization of Bitcoin mining globally.
The move comes as a strategic decision, as El Salvador has embraced Bitcoin like no other country, making it legal tender in 2021 and actively encouraging its adoption and integration into the economy.
According to OCEAN’s President, Mark Artymko, the choice to set up shop in El Salvador was driven by the country’s positive stance towards Bitcoin and its mining industry, in stark contrast to other regions imposing restrictive regulations or outright bans.
“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,” Artymko said in a press release.
OCEAN’s new entity, Ocean Mining S.A. de C.V., will serve as the company’s headquarters for business development and international operations.
The company’s co-founder and CTO, Luke Dashjr, emphasized the strategic importance of this move, stating that El Salvador is “on the leading edge of Bitcoin and Bitcoin mining adoption.”
Bitcoin Country, here we come! 🌴
We are thrilled to announce that OCEAN has expanded into El Salvador 🇸🇻. OCEAN MINING S.A. de C.V. will serve as our global hub of business development as we continue to bring features to market that push the envelope of decentralization in… pic.twitter.com/USyB08LOgj
— OCEAN (@ocean_mining) May 29, 2024
One of OCEAN’s primary goals is to promote the decentralization of Bitcoin mining by leveraging technologies like Stratum V2.
This protocol aims to shift power away from a few large mining pools and distribute it among a broader base of miners, ensuring maximum reach and adoption.
By establishing a presence in El Salvador, OCEAN hopes to contribute to these efforts and create new opportunities for the country and the broader Bitcoin community.
Stacy Herbert, the director of El Salvador’s Bitcoin Office, welcomed OCEAN’s decision, noting that it reinforces the Bitcoin-centric culture the country is building.
Herbert emphasized the importance of initiatives like OCEAN’s in advancing the adoption and integration of Bitcoin in El Salvador.
Beyond its mining operations, OCEAN has also expressed a commitment to contributing to Bitcoin education and community development in the country.
Specifically, the company plans to focus on areas like El Zonte, also known as “Bitcoin Beach,” where Bitcoin has already gained significant traction and is being used in daily transactions.
El Salvador’s journey with Bitcoin began in 2021 when it became the first country to adopt the cryptocurrency as legal tender, aiming to boost financial inclusion and economic growth.
Despite mixed reactions domestically, the international cryptocurrency community largely supported this bold move.
Since then, the Salvadoran government has actively promoted Bitcoin adoption through initiatives like the Chivo Wallet, which offered $30 in Bitcoin to users and discounts on fuel purchases.
However, the adoption process has faced challenges, including technical issues and public skepticism.
