OCEAN, a Bitcoin mining pool supported by Jack Dorsey and led by Bitcoin Core developer Luke Dashjr, has announced the formation of a new entity in El Salvador.
OCEAN offers decentralized Bitcoin mining services that empower miners to control the critical aspects of mining without having to own the required infrastructure. The new entity, OCEAN MINING S.A. de C.V., will be headquartered in San Salvador and will serve as the company’s international business development hub.
Luke Dashjr, OCEAN’s co-founder and CTO, highlighted the strategic significance of this expansion.
“El Salvador is at the forefront of Bitcoin and Bitcoin mining adoption. We believe that OCEAN’s presence here will bolster these efforts and create new opportunities both locally and globally,”
Dashjr stated.
Mark Artymko, OCEAN’s President, also echoed these sentiments. He cited El Salvador’s supportive stance on Bitcoin mining, contrasting it with regions like the EU, which have imposed restrictions, as a key factor in their decision.
“El Salvador’s supportive political stance is a beacon of hope for the industry,”
Artymko said, adding that
“a global presence was essential” to advance OCEAN’s decentralization goals.”
Notably, El Salvador has earned the moniker “Bitcoin Country” following its move in 2021 to make Bitcoin legal tender and its steadfast commitment to Bitcoin exclusivity.
Stacy Herbert from the country’s Bitcoin Office welcomed OCEAN, stating that their move
“reaffirms that the Bitcoin-first culture we are cultivating in El Salvador is equipping entrepreneurs with the tools needed to thrive.”
Meanwhile, ARK Invest CEO Cathie Wood recently predicted that El Salvador’s GDP could increase tenfold over the next five years if it continues its Bitcoin and AI adoption plan under President Nayib Bukele.
She attributes this potential growth to Bukele’s strategic tax incentives and understanding of economic principles like the Laffer Curve. Wood’s comments followed a meeting with Bukele and his team, including Bitcoin advocate Stacy Herbert and U.S. economist Arthur Laffer.
Bitcoin Mechanic, OCEAN’s Global Head of Sales, discussed the company’s future plans and its new service.
“Stratum V2 is just the beginning. Our mission is to shift the balance of power from a few dominant pools to a broader base of miners, bringing them closer to Bitcoin’s core. Establishing our global hub in El Salvador will maximise reach and adoption in a secure regulatory environment.”
OCEAN Mining also stated that it committed to supporting Bitcoin education and community development in El Salvador, including initiatives in areas like El Zonte, known as “Bitcoin Beach.”
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