OCEAN Mining Establishes Global Hub in El Salvador Backed by Jack Dorsey

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by Giorgi Kostiuk

2 years ago

Made with AI

OCEAN Mining, a Bitcoin mining pool supported by Jack Dorsey, the founder of payments firm Block (formerly Square), has announced the establishment of its headquarters in El Salvador.

OCEAN Mining Sets Up International Hub in El Salvador

According to a recent press release, OCEAN Mining has chosen San Salvador, the capital of El Salvador, as the location for its new global hub. This strategic move aims to enhance the global presence of the Bitcoin mining pool and endorse decentralization in BTC mining.

Mark Artymko, President of OCEAN, expressed the significance of this decision in promoting decentralization:

"To further the decentralization efforts, a global presence was essential, and El Salvador emerged as the ideal choice. Given the restrictive Bitcoin mining legislations in countries like Venezuela and the EU, El Salvador's supportive political stance stands out as a beacon of hope for the industry."

Embracing El Salvador's Bitcoin-First Culture

El Salvador made history by becoming the first country to adopt Bitcoin as legal tender. The acceptance of BTC as legal tender occurred in June 2021, with the law officially enforced on September 7 of the same year.

President Nayib Bukele remains a strong advocate for Bitcoin adoption and regularly updates on the country's BTC holdings. The "Bitcoin-first culture" in El Salvador provides a favorable atmosphere for cryptocurrency companies and entrepreneurs, fostering growth and innovation.

Stacy Herbert, the lead of El Salvador's Bitcoin Office, highlighted the significance of OCEAN Mining's decision within this vibrant crypto ecosystem:

"The affirmation by the OCEAN Mining team aligns with our vision of promoting a Bitcoin-first culture in El Salvador, offering the necessary tools for entrepreneurs worldwide to thrive within a Bitcoin-driven economy. We extend a warm welcome to OCEAN and all enterprises dedicated to advancing Bitcoin adoption."

Luke Dashjr, co-founder and CTO of OCEAN, emphasized that the hub's presence in El Salvador will play a crucial role in expanding Bitcoin adoption locally and globally: "El Salvador stands at the forefront of Bitcoin and Bitcoin mining adoption. OCEAN's establishment here is poised to bolster these initiatives and open up new horizons for El Salvador and beyond," noted the Bitcoin Core developer.

OCEAN Mining commenced operations in 2023, encountering initial controversies during its launch phase. In a significant move, Jack Dorsey led a $6.2 million funding round in November for Mummolin, the Wyoming-based company associated with the mining pool.

Source: The Bit Times

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