Home Editor's Pick Jack Dorsey-Backed OCEAN Establishes International Hub in Bitcoin-Friendly El Salvador

Jack Dorsey-Backed OCEAN Establishes International Hub in Bitcoin-Friendly El Salvador

by

TLDR

OCEAN, a Bitcoin mining pool backed by Jack Dorsey and led by Bitcoin Core developer Luke Dashjr, has established a new international hub in San Salvador, El Salvador.
This move is part of OCEAN’s mission to decentralize Bitcoin mining globally, and El Salvador’s supportive stance on Bitcoin adoption made it an attractive location.
El Salvador became the first country to adopt Bitcoin as legal tender in 2021, aiming to boost financial inclusion and economic growth.
OCEAN plans to contribute to Bitcoin education and community development in El Salvador, particularly in areas like “Bitcoin Beach” at El Zonte.

OCEAN Mining Pool, a non-custodial and transparent Bitcoin mining platform, has made a strategic move by establishing its global headquarters in San Salvador, El Salvador.

This decision is backed by notable figures in the Bitcoin community, including Jack Dorsey, the former CEO of Twitter, and Luke Dashjr, a prominent Bitcoin Core developer who serves as OCEAN’s Chief Technology Officer.

The choice to set up OCEAN’s international hub in El Salvador aligns with the company’s mission to decentralize Bitcoin mining operations worldwide.

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

El Salvador’s proactive approach to Bitcoin adoption played a crucial role in this decision, as the country became the first nation to recognize Bitcoin as legal tender in 2021.

According to Mark Artymko, OCEAN’s President, El Salvador’s welcoming stance on Bitcoin stood in stark contrast to regions like Venezuela and the European Union, where legislation to ban Bitcoin mining has been enacted.

This supportive environment provided a beacon of hope for the industry and made El Salvador an attractive destination for OCEAN’s global operations.

El Salvador’s journey with Bitcoin began in 2021 when President Nayib Bukele’s government enacted the Bitcoin Law, making the cryptocurrency a legal tender alongside the U.S. dollar.

This move aimed to boost financial inclusion and economic growth within the country. Despite facing mixed reactions domestically, the international cryptocurrency community largely supported this bold initiative.

In addition to adopting Bitcoin as legal tender, El Salvador has also pursued Bitcoin mining using geothermal energy from its volcanoes.

The government has incentivized 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.

OCEAN’s decision to establish its headquarters in El Salvador reinforces the country’s position as a hub for innovative Bitcoin business operations. Stacy Herbert, the director of El Salvador’s Bitcoin Office, welcomed OCEAN’s move, stating that it reaffirms the Bitcoin-centric culture the country is building and provides entrepreneurs with the tools needed to thrive in a Bitcoin economy.

One of OCEAN’s key objectives 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 and distribute it among a broader base of miners. By operating from their new hub in El Salvador, OCEAN aims to ensure maximum reach and adoption of these decentralization features in a favorable regulatory environment.

In addition to its mining operations, OCEAN is committed to contributing to Bitcoin education and community development within El Salvador. The company plans to support initiatives like “Bitcoin Beach” at El Zonte, a coastal town that has developed a thriving local Bitcoin-based economy. OCEAN’s presence in the country aims to foster similar initiatives and promote the growth of Bitcoin communities.

By investing in local education and development, OCEAN hopes to support the organic growth of circular economies based on Bitcoin within El Salvador. This aligns with the country’s broader goal of promoting financial inclusion and economic growth through the adoption of cryptocurrencies.

OCEAN Mining Pool’s decision to establish its global headquarters in San Salvador, El Salvador, represents a significant milestone in the decentralization of Bitcoin mining and the adoption of cryptocurrencies on a national scale.

The post Jack Dorsey-Backed OCEAN Establishes International Hub in Bitcoin-Friendly El Salvador appeared first on Blockonomi.

You may also like