El Salvador Attracts A New Bitcoin Mining Company To The Country

29 May 2024

in Mining

Reading Time: 2 mins read

TOPSHOT – A woman buys in a store that accepts bitcoins in El Zonte, La Libertad, El Salvador on … [+] September 4, 2021. – The Congress of El Salvador approved in June a law that will make bitcoin legal tender in the country from September 7, with the aim of boosting its economy although analysts warn of a negative impact. (Photo by MARVIN RECINOS / AFP) (Photo by MARVIN RECINOS/AFP via Getty Images)

AFP via Getty Images

El Salvador’s allure for companies and global brands continues to grow, with Bitcoin
Bitcoin
mining company OCEAN
Ocean Protocol
making a strategic move to establish its headquarters in the country. This decision positions OCEAN for worldwide success and underscores the country’s potential as a hub for innovative bitcoin business operations.

According to their announcement, El Salvador will be the “global hub of business development” for the company. Ocean Mining operates a bitcoin mining pool, meaning that bitcoin miners with their equipment could join Ocean to combine their hashpower and increase their chances of winning the block reward and earning more bitcoin for operating the devices.

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“We’re excited to be in Bitcoin Country. The hospitality and welcomeness of El Salvador and President Bukele are meaningful for a small startup like us. We’ll go where we are wanted, and we’ll vote with our feet,” OCEAN’s President, Mark Artymko, told me.

[crypto-donation-box]

The company made this decision based on El Salvador’s potential and legislation and OCEAN’s mission-driven approach to decentralizing bitcoin mining. “This helps our core mission of decentralization. It’s good for Bitcoin, it’s good for OCEAN,” he underscored.

OCEAN, led by Chief Executive Officer Jack Dorsey and renowned Bitcoin developer LukeDashjr, stands out from other pools with its unique features. Miners have the freedom to choose the type of blocks they work with, a flexibility that enhances their control and potential rewards. Additionally, OCEAN’s mining pool operates without inscriptions in their mined blocks, a feature that reduces transaction costs and helps combat information spam.

Inscriptions are data included in bitcoin transactions, making transactions bigger in terms of space and more expensive. The miners that mine through OCEAN don’t receive the fees paid for the inscription users, alleging that this is a way to help the network against the information spam.

“This decision by the OCEAN Mining team reaffirms that the Bitcoin culture we are building in El Salvador is providing the tools that entrepreneurs around the world need to thrive in a Bitcoin economy. We welcome OCEAN and all other companies working to advance Bitcoin adoption,” Bitcoin Office’s head, Stacy Herbert said in the announcement.

This is the second pool mining announced in the country, after the local company Volcano Energy launched Lava Pool in October of 2023. El Salvador made bitcoin legal tender in the country in 2021, and its becoming more popular among bitcoiners and bitcoin companies worldwide since that moment.

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