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    Jack Dorsey-backed Bitcoin mining pool opens headquarters in El Salvador

    2024.05.30 | exchangesranking | 46onlookers
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    Ocean Mining, a Bitcoin mining pool backed by Twitter (now X) co-founder Jack Dorsey, is opening a hub in BTC-friendly El Salvador to establish a global presence.

    On May 29, Ocean officially announced its entity in El Salvador, which will function as its international hub and headquarters. The hub is located in the capital city of El Salvador, San Salvador.

    El Salvador an obvious choice

    Ocean’s president, Mark Artymko, noted that El Salvador was an obvious choice for the firm to further its decentralization efforts and get a global presence. He stated:

    “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.”

    According to Ocean co-founder and chief technology officer Luke Dashjr, the pool’s launch in El Salvador will help El Salvador — which made Bitcoin a legal tender in 2021 — further advance its cryptocurrency adoption.

    “El Salvador is on the leading edge of Bitcoin (BTC) and Bitcoin mining adoption, and we believe Ocean’s presence here will help to advance these efforts here and create new opportunities for El Salvador and elsewhere,” he stated.

    Ocean Mining co-founder and CTO Luke Dashjr. Source: YouTube

    Ocean also mentioned looking forward to providing resources to continue the education and development of Bitcoin communities in El Salvador, including places like El Zonte, commonly known as “Bitcoin Beach.”

    Related: Argentina aims to learn from El Salvador's Bitcoin success

    Move reaffirms El Salvador's Bitcoin-first culture 

    El Salvador’s Bitcoin office head, Stacy Herbert, welcomed the news from Ocean, noting that the company’s presence in El Salvador reaffirms the Bitcoin-first culture in El Salvador.

    “We welcome Ocean and all other companies working to advance Bitcoin adoption,” she said.

    The news comes about half a year after Ocean Mining launched in late 2024. The company operates a Bitcoin mining pool committed to providing decentralized, non-custodial and transparent mining services.

    Ocean is spearheaded by longtime Bitcoin Core developer Luke Dashjr and operated by Bitcoin Ocean, a subsidiary of Mummolin, a Wyoming corporation and successor to the Eligius Bitcoin mining pool, which operated from 2011 to 2017.

    In November 2023, X co-founder Dorsey led a $6.2 million seed round for Mummolin, which aims to support decentralized mining and enable miners to receive block rewards directly from Bitcoin.

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