Jack Dorsey-Backed Crypto Mining Pool Moves Its Headquarters to El Salvador

Jack Dorsey-Backed Crypto Mining Pool Moves Its Headquarters to El Salvador

Bitcoin mining pool Ocean Mining, which is backed by former Twitter CEO and founder Jack Dorsey, has announced that it’s moving its headquarters to El Salvador, a crypto-friendly country. Per the announcement made on May 31st, Ocean Mining will be headquartered in San Salvador City.

In a statement, Ocean Mining boss Mark Artymko said El Salvador was a top choice for his company due to the country’s positive stance on crypto. He noted that while other nations were adopting legislation to restrict crypto mining, El Salvador, on the other hand, was open to hosting Bitcoin mining firms.

Ocean Mining Hopes to Fuel Crypto Adoption in El Salvador

Luke Dashjr, the chief technology officer at Ocean Mining, said on X yesterday that the company’s presence in El Salvador will enable the Central American country, which recently recognized Bitcoin as legal tender, to witness significant crypto adoption over the coming months.

Furthermore, Ocean Mining has promised to provide resources for educating citizens of El Salvador about blockchain technology and cryptocurrencies. The mining pool is set to open an educational center in El Zonte popularly called “Bitcoin Beach.”

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El Salvador Welcomes Ocean Mining

Meanwhile, El Salvador’s Head of Bitcoin Office, Stacy Herbert, has welcomed the news regarding Ocean Mining’s move to expand its presence in the country. In a statement, she assured the mining pool of government support while urging more crypto companies to consider investing in El Salvador.

About Ocean Mining

Ocean Mining’s latest news comes five months following its launch in January 2024. During the launch event, Artymko said the company would offer a crypto mining pool that is non-custodial, decentralized, and operated transparently.

It is worth mentioning that Ocean Mining is Mummolin’s subsidiary. The mining pool was introduced after the closure of the Eligius mining pool, which was in business between 2011 and 2017.

Last November, Mummolin raised over $6 million in a seed round led by Dorsey. At the time, Dashjr said the funds would be used to finance the development of various upgrades on the Ocean Mining platform. Dorsey has been active in the crypto space since selling Twitter to Elon Musk. He launched a decentralized social media platform called Bluesky in late 2021.

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Michael Varney
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Michael Varney

Michael Varney, a distinguished name in crypto journalism, offers deep insights into the world of blockchain. Merging meticulous research with eloquent prose, Michael's articles decode the complexities of digital currencies, establishing him as an indispensable source for those keen on understanding the evolving crypto landscape.

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