OCEAN, a Bitcoin mining pool backed by Jack Dorsey and led by Bitcoin Core developer Luke Dashjr, has established a new hub in El Salvador.
The new entity will be the company’s international hub for business development, headquartered in the capital city of San Salvador. The company said the new hub will help with its commitment to decentralize BTC mining globally.
"El Salvador is on the leading edge of Bitcoin and Bitcoin mining adoption," said Luke Dashjr, OCEAN's co-founder and CTO, "and we believe OCEAN’s presence here will help to advance these efforts here and create new opportunities for El Salvador and elsewhere."
The choice to set up shop in El Salvador was very much a strategic one, added OCEAN President Mark Artymko.
"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," he said in a press release.
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El Salvador’s journey with BTC began in 2021 when it became the first country to adopt Bitcoin as legal tender, aiming to boost financial inclusion and economic growth. Despite mixed reactions domestically, the international cryptocurrency community largely supported this bold move.
Not long after BTC officially became legal tender in El Salvador, the country announced plans to pursue BTC mining with geothermal energy from its volcanoes.
The Salvadoran government incentivized Bitcoin adoption through initiatives like the Chivo Wallet, which offered $30 in Bitcoin to users and discounts on fuel purchases. However, the adoption has faced challenges, including technical issues and public skepticism.
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Two months after El Salvador's state-sponsored Bitcoin wallet launched by gifting Salvadorans $30 worth of the cryptocurrency, many still don't know what to do with the tech. When Chivo wallet kicked off on September 7, it suffered technical glitches, with citizens unable to download the app. And when they finally did have it on their phones, there were reports it didn't work. More than two months later, getting it off the ground remains a struggle. Chivo is the brainchild of El Salvador's gove...
Stacy Herbert, the director of El Salvador’s Bitcoin Office, welcomed OCEAN’s decision—noting that it reinforces the BTC-centric culture the country is building.
OCEAN’s plans include promoting decentralization through technologies like Stratum V2, aiming to shift power from a few large mining pools to a broader base of miners, ensuring maximum reach and adoption from their new hub.
OCEAN Mining also plans to contribute to BTC education and community development in El Salvador, particularly in areas like El Zonte, known as "Bitcoin Beach."
Edited by Stacy Elliott.
Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Stacy Elliott.
