- Jack Dorsey has spearheaded a $6.2 million funding round for Mummolin’s OCEAN, a new protocol to decentralize Bitcoin mining.
- OCEAN aims to tackle the increasing centralization of Bitcoin mining pools, ensuring transparency and direct block rewards for miners.
Decentralizing Bitcoin Mining: Dorsey’s New Venture
Billionaire and Block co-founder Jack Dorsey is making a strategic move to transform the Bitcoin (BTC) mining landscape. He’s leading a $6.2 million seed funding round to launch Mummolin’s new decentralized BTC mining protocol, OCEAN.
Introducing OCEAN: A New Era in Mining
OCEAN, described as a permissionless, non-custodial, and transparent BTC mining protocol, is designed to address the growing centralization concerns in Bitcoin mining pools. This issue, as Dorsey points out, poses a threat to several core attributes of Bitcoin that the community values.
In the press release, Dorsey expressed his commitment to the project, noting,
“OCEAN is solving a problem for Bitcoiners that I think all of us feel – further centralization of pools and mining pools that could plague Bitcoin, and how that risks a bunch of Bitcoin attributes that we hold dear. 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.”
Empowering Miners with Direct Rewards
The driving force behind OCEAN is its founder and Bitcoin veteran, Luke Dashjr. He envisions OCEAN as a revolutionary pool that enables miners to truly be miners again. This unique pool, being both the most transparent and the only non-custodial option available, will allow miners to receive new block rewards directly from Bitcoin, bypassing the traditional centralized pool structure.
The launch of OCEAN, backed by Dorsey’s leadership and significant funding, marks a pivotal moment in the Bitcoin mining industry. This protocol aims not just to decentralize mining operations but also to restore the original ethos of Bitcoin mining – transparency, autonomy, and direct rewards. As the Bitcoin ecosystem continues to evolve, OCEAN’s introduction could herald a significant shift towards a more equitable and decentralized mining landscape.