Jack Dorsey Backs New Bitcoin Mining Pool to Decentralize the Process

Twitter co-founder Jack Dorsey invests in Mummolin's new Bitcoin mining pool

Jack Dorsey, the co-founder of Twitter and strong advocate for Bitcoin, is supporting a new BTC mining pool called Ocean. Dorsey has led a $6.2 million seed round for Mummolin, the parent company of Ocean, in an effort to bring more decentralization to the process of Bitcoin mining.

Ocean aims to provide transparency and direct block rewards for miners

The funding will help launch Ocean, which has been designed to reshape Bitcoin mining by offering more transparency in the mining process. The mining pool's main goal is to allow miners to receive block rewards directly from Bitcoin, rather than through BTC mining pools. By doing so, Ocean aims to decentralize the mining process and give miners more control.

Mummolin co-founder believes mining pools need to change

Luke Dashjr, co-founder of Mummolin and long-time Bitcoin Core developer, believes that mining pools must evolve 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 noncustodial pool where miners are the recipients of new block rewards directly from Bitcoin."

Traditional mining pools give undue influence to pool operators

Mark Artymko, co-founder and president of Mummolin, highlighted that traditional BTC mining pools have the power to withhold payment from individual miners, either by choice or due to legal requirements. Ocean's non-custodial payouts aim to remove this risk and give miners more control over their rewards.

Dorsey confident that Ocean will solve centralization issues

Jack Dorsey, an ardent supporter of Ocean, believes that the platform will address the problem of centralization in Bitcoin mining. He stated, "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 launched at the Future of Bitcoin Mining Conference

Ocean was officially announced at the Future of Bitcoin Mining Conference, which took place near Barefoot Mining's hydroelectric dam in rural South Carolina. Barefoot Mining, the first client of Ocean, has repurposed the dam to generate excess energy for Bitcoin mining on a large scale.

Ocean's launch comes ahead of Bitcoin's fourth halving event

Ocean's launch is timed strategically, as it comes 139 days before Bitcoin's upcoming halving event. After the halving, the mining reward per block will decrease from 6.25 BTC to 3.125 BTC, potentially reducing incentives for Bitcoin miners.