Jack Dorsey Leads $6.2M OCEAN Funding Round to Decentralize Bitcoin Mining

On Nov. 28, Mummolin introduced that it had raised $6.2 million in seed funding led by Jack Dorsey for its new initiative known as OCEAN, which goals to decentralize Bitcoin mining.

OCEAN is launching as a clear, non-custodial Bitcoin mining pool the place miners receives a commission instantly from the coinbase transaction as an alternative of swimming pools controlling funds.

This eliminates the dangers of swimming pools withholding funds or having undue affect over miners, in accordance with the announcement.

Decentralized Bitcoin Mining

The platform derives its motivation from fixing points across the centralization of mining swimming pools, custodianship of funds, and lack of transparency within the business.

Bitcoin Core developer and Mummolin co-founder Luke Dashjr stated, “The position of mining swimming pools should change for Bitcoin to exist as a very decentralized forex.” He added:

“OCEAN is a brand new sort of pool that permits miners to be really miners once more. We’re launching as essentially the most clear pool and in addition the one non-custodial pool the place miners are the recipients of recent block rewards instantly from Bitcoin.”

“Our contribution to OCEAN comes out of a deep respect for his or her mission,” added Jack Dorsey.

Developing subsequent – particular announcement from @LukeDashjr. Tune in to look at reside!https://t.co/fIZbYNEetf

— OCEAN (@ocean_mining) November 28, 2023

By providing transparency and a mechanism for miners to be paid instantly by Bitcoin itself, “we make the community radically extra sturdy,” added OCEAN’s International Head of Gross sales, the pseudonymous ‘Bitcoin Mechanic.’

After it launches, OCEAN plans to allow unbiased block template building so miners can take part within the pool whereas nonetheless setting up their very own blocks.

Jack Dorsey additionally famous, “After I see a venture that’s good for Bitcoin broadly, and that’s additionally good for me and my firms personally, it turns into a easy choice for me, and I’m completely happy to be part of it.”

The platform plans to launch further phases of Bitcoin decentralization enhancements and upgrades in 2024.

Earlier this month, CryptoPotato reported on the solid performance of Jack Dorsey’s funds agency, Block.

Bitcoin Mining Ecosystem Outlook

According to Blockchain.com, Bitcoin mining is dominated by 4 main swimming pools.

The most important is AntPool, with 38% of the community hash energy, adopted by Foundry USA which has 23% of the hash energy distribution over the previous 24 hours.

The third largest mining pool is F2Pool, with 9%, adopted by ViaBTC, which additionally has a 9% share. Binance Pool is the fifth largest, with 6.25% of the hash energy distribution.