Ocean Mining, backed by Jack Dorsey, opens its global headquarters in Bitcoin-friendly El Salvador to enhance cryptocurrency adoption.
JUST IN: 🇸🇻 Jack Dorsey-backed #Bitcoin mining company Ocean Mining has adopted El Salvador as its global headquarters! pic.twitter.com/2RmiDYjhUm
— Bitcoin Archive (@BTC_Archive) May 29, 2024
In late 2024, Ocean Mining, a Bitcoin mining pool backed by Twitter (now X) co-founder Jack Dorsey, announced the establishment of its international hub and headquarters in San Salvador, El Salvador. This move signifies a significant milestone for the company as it seeks to expand its global presence in the cryptocurrency mining industry.
El Salvador, known for its pro-Bitcoin stance, became an obvious choice for Ocean Mining’s headquarters. Mark Artymko, the president of Ocean Mining, emphasized the strategic importance of this decision. The country’s supportive political environment contrasts sharply with regions like Venezuela and the European Union, where stringent regulations have been imposed on Bitcoin mining. El Salvador’s welcoming attitude towards cryptocurrency provides a fertile ground for companies like Ocean to thrive and contribute to the decentralization of the mining industry.
Advancing Bitcoin Adoption
Luke Dashjr, the co-founder and chief technology officer of Ocean Mining, highlighted the benefits of establishing a hub in a country that has embraced Bitcoin as legal tender since 2021. Ocean Mining aims to support and enhance El Salvador’s cryptocurrency adoption efforts. The presence of Ocean in San Salvador is expected to create new opportunities for both the local economy and the broader Bitcoin community.
Bitcoin Country, here we come! 🌴
— OCEAN (@ocean_mining) May 29, 2024
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
In addition to its business operations, Ocean Mining aims to foster education and development within Bitcoin communities across El Salvador. The company plans to provide resources and support to areas like El Zonte, also known as “Bitcoin Beach,” which has been at the forefront of Bitcoin adoption in the country.
The establishment of Ocean Mining’s headquarters in San Salvador further cements El Salvador’s reputation as a Bitcoin-friendly nation. Stacy Herbert, head of El Salvador’s Bitcoin office, welcomed Ocean Mining’s presence, reinforcing the country’s commitment to advancing Bitcoin adoption. Moreover, the government remains supportive of companies that contribute to the growth and development of the cryptocurrency ecosystem.
Ocean Mining’s expansion into El Salvador comes approximately six months after its launch in late 2024. Furthermore, the company operates with a focus on providing decentralized, non-custodial, and transparent mining services. Led by long-time Bitcoin Core developer Luke Dashjr, Ocean Mining operates under Bitcoin Ocean, a subsidiary of Mummolin. This Wyoming-based corporation succeeded the Eligius Bitcoin mining pool, which was active from 2011 to 2017.
Investment and Future Prospects
In November 2023, Jack Dorsey led a $6.2 million seed funding round for Mummolin. This investment aimed to bolster decentralized mining efforts and ensure that miners receive block rewards directly from Bitcoin. With the establishment of its headquarters in El Salvador, Ocean Mining aims to play a crucial role in the global Bitcoin mining landscape.
The company’s presence in El Salvador not only underscores the country’s pro-Bitcoin policies but also sets the stage for further advancements in cryptocurrency mining and adoption. Lastly, Ocean Mining’s efforts will likely inspire other companies to explore opportunities in regions that embrace and support the growth of digital currencies.