December 4, 2023

Jack Dorsey Drives $6.2M OCEAN Funding Round to Revolutionize Bitcoin Mining Decentralization

Twitter and Block co-founder Jack Dorsey is investing in a groundbreaking initiative, OCEAN, with the goal of decentralizing global Bitcoin mining.

Recently, Mummolin revealed a successful seed funding round of $6.2 million led by Jack Dorsey for its innovative project, OCEAN. The primary objective of OCEAN is to decentralize Bitcoin mining by launching a transparent, non-custodial mining pool. In this model, miners receive direct payments from the transaction, eliminating the risk of pools controlling funds or withholding payments, as outlined in the official announcement.

OCEAN's inspiration stems from addressing challenges related to the centralization of mining pools, custodial control of funds, and a lack of transparency within the industry. Bitcoin Core developer and Mummolin co-founder Luke Dashjr emphasized the need for a shift in the role of mining pools for bitcoin to truly function as a decentralized currency. Dashjr stated:

"OCEAN is a new type of pool that enables miners to be truly miners again. We are launching as the most transparent pool and also the only non-custodial pool where miners are the recipients of new block rewards directly from Bitcoin."

Jack Dorsey expressed his support for OCEAN, stating:

"Our contribution to OCEAN comes out of a deep respect for their mission."

The platform's commitment to transparency and enabling miners to be paid directly by Bitcoin itself is expected to enhance the network's robustness, according to OCEAN's Global Head of Sales, known as the 'Bitcoin Mechanic'.

Following its launch, OCEAN plans to introduce independent block template construction, allowing miners to participate in the pool while still constructing their own blocks. Dorsey emphasized his involvement, saying:

"When I see a project that is good for Bitcoin broadly, and that’s also good for me and my companies personally, it becomes a simple decision for me, and I’m happy to be a part of it."

OCEAN aims to implement additional phases of Bitcoin decentralization improvements and upgrades in 2024. This move comes in the wake of Jack Dorsey's payments firm, Block, demonstrating solid performance.

Considering the current Bitcoin mining ecosystem, Blockchain.com reports that four major pools dominate the landscape. Foundry USA leads with 28% of the network hash power, followed by Antpool at 26%. The third and fourth largest mining pools are F2Pool and ViaBTC, each with a 11% share. Binance Pool holds the fifth position, with 8% of the hash power distribution.

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