Jack Dorsey-backed Ocean Mining Expands Operations with New Hub in San Salvador

Ocean Mining, a Bitcoin mining pool supported by Twitter (now X) co-founder Jack Dorsey, has chosen El Salvador as the location for its new international hub and headquarters. This strategic move, announced on May 29, 2024, positions the company in the capital city of San Salvador, leveraging the country's progressive stance on cryptocurrency.

Launched in late 2024, Ocean Mining aims to strengthen its global presence and advance decentralization efforts. Ocean’s president, Mark Artymko, emphasized the importance of El Salvador’s supportive political environment for Bitcoin mining. He remarked, “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.”

Luke Dashjr, Ocean’s co-founder and chief technology officer, highlighted the significance of the move for both Ocean and El Salvador. “El Salvador is on the leading edge of Bitcoin and Bitcoin mining adoption. We believe Ocean’s presence here will help advance these efforts and create new opportunities for El Salvador and beyond,” he stated.

Ocean Mining’s establishment in El Salvador is seen as a reinforcement of the country’s commitment to Bitcoin, following its landmark decision to make Bitcoin legal tender in 2021. Stacy Herbert, head of El Salvador’s Bitcoin office, welcomed Ocean’s expansion, noting that it reaffirms the nation’s Bitcoin-first culture. “We welcome Ocean and all other companies working to advance Bitcoin adoption,” she said.

In addition to its mining operations, Ocean Mining plans to support the education and development of Bitcoin communities in El Salvador, including initiatives in El Zonte, famously known as “Bitcoin Beach.”

Ocean Mining operates a decentralized, non-custodial, and transparent Bitcoin mining pool. The company is spearheaded by Luke Dashjr, a longtime Bitcoin Core developer, and operated by Bitcoin Ocean, a subsidiary of Mummolin, a Wyoming corporation. Mummolin is the successor to the Eligius Bitcoin mining pool, which was active from 2011 to 2017.

In November 2023, Jack Dorsey led a $6.2 million seed round for Mummolin, reinforcing his commitment to supporting decentralized mining and enabling miners to receive block rewards directly from Bitcoin.

Ocean Mining’s new headquarters in El Salvador marks a significant milestone in its mission to decentralize Bitcoin mining and foster global adoption of cryptocurrency.