Jack Dorsey-Backed Ocean Mining Establishes Bitcoin Hub in El Salvador
Summary:
Ocean Mining, a Bitcoin mining pool supported by X's co-founder Jack Dorsey, is establishing a hub in El Salvador, a country that embraced Bitcoin as legal tender last year, to extend its global reach. Ocean Mining aims to further decentralization efforts globally and enhance cryptocurrency adoption in El Salvador, additionally contributing to the growth and education of Bitcoin communities. The news is welcomed by El Salvador's Bitcoin office head, seeing it as an affirmation of the nation's Bitcoin-centric ethos.
Ocean Mining, a Bitcoin mining venture supported by the co-founder of Twitter's rebranded form X, Jack Dorsey, is establishing a new hub in the Bitcoin-supportive country of El Salvador, expanding its global reach. On the 29th of May, El Salvador became officially home to Ocean's main international point of operation, based in the capital, San Salvador.
Mark Artymko, Ocean's President, revealed that selecting El Salvador as a pivotal location aligned seamlessly with the company's focus on global decentralization. He pointed out the striking contrast between El Salvador's political openness to Bitcoin, compared to other regions like the EU and Venezuela, where Bitcoin mining has been banned.
Ocean’s co-founder and Chief Technology Officer, Luke Dashjr, voiced the sentiment that the decision to launch in El Salvador - a country that embraced Bitcoin as legal tender last year - would foster further growth in the nation's cryptocurrency landscape. Dashjr expressed confidence that Ocean’s venture in El Salvador would accelerate the local and global efforts to promote Bitcoin adoption.
Ocean Mining also expressed keen interest in allocating resources to support continued knowledge expansion and growth within Bitcoin communities across El Salvador, including areas like El Zonte, famously known as "Bitcoin Beach".
El Salvador's Bitcoin office head, Stacy Herbert, welcomed Ocean’s step, viewing it as a reaffirmation of the country's Bitcoin-centric ethos. Herbert expressed readiness to support Ocean and any enterprise aiming to bolster Bitcoin adoption.
Ocean Mining was launched in the last weeks of 2024, a mere half a year before the current move. The company, led by Bitcoin Core developer Luke Dashjr and operated by the Mummolin subsidiary Bitcoin Ocean, aims to provide open, decentralized, and non-custodial mining services. Mummolin is a successor to the Eligius Bitcoin mining pool, active between 2011 and 2017, under the umbrella of a Wyoming-based corporation. The company secured a seed funding round of $6.2 million in November 2023, led by X's co-founder, Dorsey, to bolster decentralized mining and empower miners to claim block rewards directly from Bitcoin.
Published At
5/30/2024 3:01:35 PM
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