In a move that solidifies El Salvador’s position as the “Bitcoin Country,” the Bitcoin mining pool Ocean.xyz has announced the establishment of its international hub and headquarters in the capital city of San Salvador. This strategic decision underscores El Salvador’s commitment to fostering a Bitcoin-first culture and accelerating the adoption of the world’s first and most prominent cryptocurrency.
Ocean.xyz, now also hosted at Ocean.sv, is a Bitcoin mining pool backed by Twitter (now X) co-founder Jack Dorsey, has been at the forefront of the push for decentralization in the Bitcoin mining industry. Led by longtime Bitcoin Core developer Luke Dashjr, the company is dedicated to providing decentralized, non-custodial, and transparent mining services to miners around the globe.
The decision to set up shop in El Salvador was a natural choice for Ocean.xyz, as the country has emerged as a global leader in Bitcoin adoption and innovation. In 2021, El Salvador made the bold move of making Bitcoin a legal tender, solidifying its position as a beacon of hope for the cryptocurrency industry amidst the crackdowns on Bitcoin mining in other parts of the world, such as Venezuela and the European Union.
“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,” said Ocean.xyz’s president, Mark Artymko.
The launch of Ocean.xyz’s operations in El Salvador is expected to further accelerate the country’s Bitcoin adoption and mining efforts. According to Ocean.xyz co-founder and chief technology officer Luke Dashjr, the company’s presence in the country will help “advance these efforts here and create new opportunities for El Salvador and elsewhere.”
Stacy Herbert, the head of El Salvador’s Bitcoin office, welcomed the news, stating that Ocean.xyz’s decision “reaffirms that the Bitcoin-first culture we are building in El Salvador is providing the tools that entrepreneurs around the world need to thrive in a Bitcoin economy.”
Ocean.xyz’s move to El Salvador is not just about establishing a physical presence; it’s also about aligning with the country’s vision of becoming a global hub for Bitcoin innovation and adoption. The company has expressed its commitment to providing resources to continue the education and development of Bitcoin communities in El Salvador, including the renowned “Bitcoin Beach” in El Zonte.
“We welcome Ocean and all other companies working to advance Bitcoin adoption,” said Stacy Herbert, underscoring the government’s openness to welcoming Bitcoin-focused businesses and initiatives.
The announcement of Ocean.xyz’s El Salvador hub comes about half a year after the company launched its Bitcoin mining pool in late 2023. The pool is committed to providing decentralized, non-custodial, and transparent mining services, a mission that aligns perfectly with El Salvador’s Bitcoin-first approach.
Ocean.xyz’s co-founder and CTO, Luke Dashjr, has been actively involved in the Bitcoin community for years, having contributed to the Bitcoin Core project as a developer. His expertise and commitment to the decentralization of the Bitcoin network have been instrumental in shaping the company’s vision and strategy.
In November 2023, X co-founder Jack Dorsey led a $6.2 million seed round for Mummolin, the parent company of Ocean.xyz. This investment underscores the growing interest and support from prominent figures in the tech industry for initiatives that aim to support decentralized mining and enable miners to receive block rewards directly from Bitcoin.
Ocean.xyz’s decision to establish its global hub in El Salvador is a significant milestone in the country’s journey to become a global leader in Bitcoin adoption and innovation. By providing resources and support to the local Bitcoin communities, the company is not only furthering its own decentralization efforts but also contributing to the overall growth and development of the Bitcoin ecosystem in El Salvador.
As the world watches the unfolding of El Salvador’s Bitcoin experiment, the arrival of Ocean.xyz serves as a testament to the country’s commitment to fostering a Bitcoin-friendly environment and attracting innovative companies that share its vision. This partnership is poised to create new opportunities for both El Salvador and the broader Bitcoin community, as they work together to push the boundaries of what’s possible in the world of cryptocurrency.
In a world where the centralization of power in the hands of a few has been a persistent challenge, the collaboration between El Salvador and Ocean.xyz represents a significant step towards a more decentralized future. By empowering miners and fostering a thriving Bitcoin ecosystem, this partnership has the potential to inspire other countries to follow in El Salvador’s footsteps and embrace the transformative power of Bitcoin.
Image Source: Ocean.sv