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OCEAN, which is backed by Jack Dorsey and led by Bitcoin Core developer Luke Dashjer, has established a new hub in El Salvador.
The new entity will be the company's international business development center, headquartered in the capital city of San Salvador. The company says the new hub will help with its commitment to decentralize BTC mining globally.
“El Salvador is at the forefront of Bitcoin and Bitcoin mining adoption and we believe OCEAN's presence here will help advance these efforts and create new opportunities for El Salvador and beyond,” said OCEAN Co-Founder and CTO Luke Dashjer. .”
The choice to set up shop in El Salvador was very strategic, added OCEAN President Mark Artymko.
“Like Venezuela and the European Union, El Salvador's political stance was a stark contrast and a ray of hope for the industry,” he said in a press release.
El Salvador's journey with BTC began in 2021 when it became the first country to adopt Bitcoin as legal tender, aiming to boost financial inclusion and economic growth. Despite mixed reactions domestically, the global cryptocurrency community supported this bold move.
Shortly after BTC went legal tender in El Salvador, the country announced plans to mine BTC using the geothermal power of its volcanoes.
The Salvadoran government has encouraged Bitcoin adoption with initiatives such as the Chivo Wallet, which offers users $30 in Bitcoin and discounts on fuel purchases. However, its adoption has faced challenges, including technical issues and public skepticism.
Stacey Herbert, director of the El Salvador Bitcoin Office, welcomed OCEAN's decision—noting that it reinforces the BTC-centric culture the country is building.
OCEAN's plans include introducing decentralization through technologies such as Stratum V2, which will move power from a few large mining pools to a wider pool of miners, ensuring greater accessibility and acceptance from their new hubs.
Ocean Mining plans to contribute to BTC education and community development in El Salvador, especially in areas like El Zonta.
Edited by Stacy Elliott.
Editor's Note: This article was written with the help of AI. Edited and fact-checked by Stacy Elliott.
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