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- Decentralized Bitcoin
mining pool OCEAN has surprisingly raised $6.2 million in a seed funding round led by billionaire Jack Dorsey. - Traditional Bitcoin mining pools usually control block rewards and transaction fees, redistributing them to miners at their discretion.
- Twitter founder Jack Dorsey continues to be steadfast in supporting the advancement of the Bitcoin (BTC) protocol.
Twitter founder and Bitcoin advocate Jack Dorsey is leading and participating in the investment round of decentralized Bitcoin mining pool OCEAN.
Dorsey Joins OCEAN’s Investment Round
Decentralized Bitcoin mining pool OCEAN has surprisingly raised $6.2 million in a seed funding round led by billionaire Jack Dorsey. Other investors include names like Barefoot Bitcoin Fund, NewLayer Capital, Bitcoin Opportunity Fund.
Traditional Bitcoin mining pools usually control block rewards and transaction fees, redistributing them to miners at their discretion. This setup also gives them the authority to voluntarily hold or withhold payments to individual miners, possibly due to legal obligations.
OCEAN’s non-custodial payment system enables direct payments to miners from block rewards, eliminating potential risks associated with traditional pools and ensuring that miners are not unfairly affected by the pool.
The seed funding allocated for OCEAN’s introduction represents the first step in a series of projects aimed at establishing Bitcoin mining as a truly decentralized currency. Luke Dashjr, co-founder of Mummolin and an experienced Bitcoin Core developer, emphasized the need for a change in the role of mining pools to truly establish Bitcoin as a decentralized currency.
Speaking about the development, Jack Dorsey stated, ‘Our contribution to OCEAN comes from a deep respect for their mission. OCEAN is solving a problem for the Bitcoin community that I think we all feel—the increasing centralization of pools and mining pools that could threaten Bitcoin and risk a set of features that are valuable to us. As part of the launch, Dorsey added, ‘When I see a good project for Bitcoin for myself and my companies, it becomes a simple decision for me, and I’m happy to be part of this project.’
Jack Dorsey’s Love for BTC
Jack Dorsey has been one of the biggest supporters of BTC and has been working in this field for some time. He and his team are also working on the Bitcoin Lightning network to increase the scalability of the blockchain.
Twitter founder Jack Dorsey continues to be steadfast in supporting the advancement of the Bitcoin (BTC) protocol; this commitment is exemplified by the recent financial commitment to Brink, a Web 3.0 hub dedicated to helping developers within the network.
Under the commitment, the announced financial commitment totals $5,000,000. Additionally, as per the agreement, payments will be made over five years, with an allocation of $1 million each year.