Innovative Mining Pool OCEAN Launches with Jack Dorsey’s Backing
Wyoming-based Mummolin, Inc. recently announced the completion of a significant seed funding round for OCEAN, a new decentralized Bitcoin mining pool. The $6.2 million investment, led by Jack Dorsey, co-founder of Twitter and CEO of Block, Inc., also involved other notable investors like Accomplice, Barefoot Bitcoin Fund, and MoonKite. This funding aims to propel OCEAN in its mission to decentralize Bitcoin mining on a global scale, according to Bitcoin Magazine.
Jack Dorsey emphasized OCEAN’s role in addressing a critical issue for Bitcoin enthusiasts: the centralization of mining pools. He believes that OCEAN is beneficial for Bitcoin’s broader ecosystem and his companies. OCEAN distinguishes itself as the first transparent and non-custodial platform in the mining space. It allows miners to receive block rewards directly, reducing the risks associated with traditional mining pools that have control over payouts.
Mark Artymko, co-founder and President of Mummolin, outlined OCEAN’s approach to solving three key issues in the mining industry:
- Centralization of block template construction: OCEAN seeks to enable miners to perform block template construction independently, reducing the disproportionate influence of a few over many in the mining process.
- Custodianship: Unlike traditional pools, OCEAN operates on a non-custodial basis, paying miners directly from the Bitcoin network in the coinbase transaction. This method eliminates the counterparty risk typically associated with keeping Bitcoin in pools.
- Transparency: The company’s transparency-first approach is expected to foster trust and fairness in the mining process. OCEAN plans to introduce additional phases of Bitcoin decentralization improvements and upgrades in 2024. This initiative represents a significant step towards a more decentralized and equitable Bitcoin mining ecosystem.
