Twitter Co-Founder Jack Dorsey Backs Ocean, a New Decentralized Bitcoin Mining Pool
Summary:
Twitter co-founder Jack Dorsey has led a $6.2 million seed funding round for Mummolin, the parent company of a new Bitcoin mining pool, Ocean. The funding will aid the launch of Ocean, which aims to decentralize Bitcoin mining, foster greater transparency and allow miners to gain rewards directly from Bitcoin, bypassing traditional BTC mining pools. Ocean was recently unveiled at the Future of Bitcoin Mining Conference, with its launch coming 139 days prior to Bitcoin's fourth halving event, likely to considerably reduce incentives for Bitcoin miners.
Co-founder of the now-rebranded Twitter and a Bitcoin proponent, Jack Dorsey, is championing a fresh Bitcoin mining pool in a move to restore miners' control over transaction fees and block rewards. On November 29th, an announcement reported that Dorsey spearheaded a $6.2 million seed funding round for Mummolin, the umbrella company of the innovative decentralized Bitcoin mining pool christened Ocean. The capital injection will bolster the initiation of Ocean, a platform tailored to decentralize and overhaul the procedure of Bitcoin mining. Its objective is to foster greater transparency in the mining process and permit miners to garner block rewards straight from Bitcoin, bypassing BTC mining pools.
Luke Dashjr, a co-founder of Mummolin and a seasoned Bitcoin Core developer, is convinced that a transformation in the role of mining pools is critical to guarantee Bitcoin's status as an authentic decentralized currency. “Ocean is an innovative pool that facilitates miners to genuinely assume their mining roles. We're initiating as the most transparent pool and uniquely, a noncustodial one where miners directly receive new block rewards from Bitcoin,” Dashjr communicated.
Mummolin's co-founder and President, Mark Artymko, highlighted that conventional BTC mining pools grasp exclusive custody of block rewards and transaction fees preceding their distribution to miners. “This grants them the power to withhold payment from individual miners, either volitionally or by legal obligation,” expressed Artymko, who proceeded to say that, “Ocean's noncustodial payouts to miners originating directly from the block reward eliminate this risk along with the unnecessary influence the pool has over miners.”
Jack Dorsey, a staunch Ocean supporter, is optimistic that the platform will address the impending threat of further centralization of pools and mining pools looming over Bitcoin. He commented, “Whenever I encounter a project beneficial to Bitcoin overall and concurrently to me and my enterprises, the choice for me is easy, and I am thrilled to contribute.”
Ocean's unveiling transpired at the Future of Bitcoin Mining Conference held near Barefoot Mining’s century and a half old hydroelectric dam situated in rural South Carolina. Barefoot Mining, Ocean's debutant client, has completely refashioned the dam, transforming surplus energy for sizable scale Bitcoin mining.
Ocean's inauguration arrives 139 days ahead of Bitcoin's fourth halving event, predicted for April 17, 2024. Post-halving, the existing 6.25 mining reward per block will fall to 3.125 BTC, significantly reducing incentives for Bitcoin miners.
Published At
11/29/2023 1:02:36 PM
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