Ocean Mining, the Bitcoin mining pool backed by Block boss Jack Dorsey, has established its global headquarters in El Salvador. The country’s pro-crypto policies are what attracted this crypto mining pool to move there. Crypto mining operations are known to be very intensive, which has led to several countries discouraging and even banning these operations. For Ocean, El Salvador proved to be the best choice of location to set up its global headquarters — becoming the first country in the world to legalize Bitcoin as legal tender in 2021.
Ocean Mining will move its headquarters to El Salvador
Founded in Wyoming, Ocean Mining closed a $6.2 million (roughly 51 crore rupees) funding round led by Dorsey in December 2023. In the coming months, Ocean plans to raise Bitcoin awareness and training programs for the citizens of El Salvador.
“With places like Venezuela and the EU imposing laws to ban Bitcoin mining, El Salvador’s political stance was in stark contrast and a beacon of hope for the industry. To advance our decentralization efforts, we needed a global presence, and El Salvador was an obvious choice,” Ocean Mining President Mark Artymko said in a prepared statement. .
The company says it aims to bring decentralization to the crypto mining sector. In the bigger picture, Ocean claims, it aims to help crypto miners take control of their operations.
“For us, it’s about shifting the balance of power away from a few pools and bringing miners of all sizes closer to Bitcoin core. Bringing these features to market from our new global hub in El Salvador will ensure maximum reach and adoption in a secure regulatory environment,” said Ocean’s Global Head of Sales, the person known as ‘Bitcoin Mechanic’.
Along with pro-Bitcoin politics, Salvadoran President Nayib Bukele is also working to create a ‘Bitcoin City’ where operations and businesses related to the cryptocurrency could operate and harness the power of volcanic energy to carry out mining operations.
Last month, Dorsey-led payments company Block announced the creation of its Bitcoin mining chip aimed at decentralizing the supply of Bitcoin mining hardware.
Moving forward, Block decided to design a complete Bitcoin mining system based on the feedback he received from the mining community. Dorsey wants to address challenges related to pre-sale discovery, purchasing, mining hardware reliability, machine maintenance, as well as after-sales support.
Globally, the market capitalization of the crypto mining sector is projected to grow to $5.55 billion (roughly Rs. 46,274 crore) by 2031, growing at a CAGR of 12 percent over the forecast period (2024-2031), according to a company report SkyQuest for market research.
