Jack Dorsey, co-founder of Twitter (now X) and a prominent Bitcoin advocate, is leading a $6.2 million seed round for Mummolin, the parent company of a new Bitcoin mining pool called Ocean. This initiative aims to redefine and decentralize the Bitcoin mining process, allowing miners to regain control of block rewards and transaction fees.
Ocean, the decentralized mining pool, seeks to enhance transparency in the mining process and enable miners to receive block rewards directly from Bitcoin, rather than through traditional BTC mining pools. Luke Dashjr, Mummolin co-founder and long-time Bitcoin Core developer, emphasizes the need for a shift in the role of mining pools for Bitcoin to truly embody decentralization. Ocean positions itself as the most transparent and the only noncustodial pool, ensuring miners directly receive new block rewards from Bitcoin.
Mark Artymko, Mummolin co-founder and president, highlights the traditional risks associated with BTC mining pools that exclusively manage block rewards and transaction fees, giving them the power to withhold payments from individual miners. Ocean’s non-custodial payouts aim to eliminate this risk and reduce the undue influence of pools over miners.
Jack Dorsey expresses confidence in Ocean’s ability to address the growing centralization concerns in Bitcoin mining. He sees the project as beneficial for both Bitcoin and his personal interests, making it a straightforward decision for him to support.
The announcement of Ocean’s launch took place at the Future of Bitcoin Mining Conference near Barefoot Mining’s 150-year-old hydroelectric dam in rural South Carolina. Barefoot Mining, Ocean’s first client, has repurposed the dam to convert excess energy into Bitcoin mining on a larger scale.
Ocean’s launch precedes Bitcoin’s fourth halving event, expected on April 17, 2024, by 139 days. Following the halving, the current 6.25 BTC mining reward per block will decrease to 3.125 BTC, significantly reducing incentives for Bitcoin miners.