Jack Dorsey Backs Bitcoin: Invests $6.2 Million in Decentralized Mining Pool OCEAN

• Jack Dorsey has invested $6.2 million in a decentralized mining pool, OCEAN.
• The investment will help bootstrap the launch of OCEAN and decentralize Bitcoin mining activities.

Jack Dorsey, a tech billionaire and former CEO of Twitter (now X) has thrown his weight behind the decentralized mining pool OCEAN, investing a substantial $6.2 million in its recent seed funding round.

According to the announcement, the funding round also saw participation from other prominent investors, including Barefoot Bitcoin Fund, NewLayer Capital, and the Bitcoin Opportunity Fund. As a protocol set to bolster Bitcoin mining, the investment has triggered a push in Bitcoin (BTC) price which is now trading at $38,212 atop a market capitalization of $747,298,620,408.

The Role of Ocean in Decentralized Bitcoin Mining Pool

The $6.2 million seed financial investment will be used to kickstart OCEAN, signaling the initial phase of a broader initiative to decentralize Bitcoin mining. Luke Dashjr, a veteran Bitcoin Core developer and co-founder of Mummolin, stressed the necessity of redefining the role of mining pools for Bitcoin to truly exist as a decentralized currency.

He remarked;

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 non-custodial pool where miners are the recipients of new block rewards directly from Bitcoin.

OCEAN’s announcement, made at the Future of Bitcoin Mining Conference, highlighted the company’s commitment to ongoing improvements and upgrades in 2024. The launch of OCEAN marks the initial phase of a series of projects aimed at decentralizing Bitcoin mining, bringing much-needed diversity to the industry.

Unlike traditional Bitcoin mining pools that retain full control over block rewards and transaction fees, OCEAN operates on a non-custodial payout system. This novel approach assures that earnings from the block reward are distributed directly to miners, avoiding the dangers associated with centralized pools. OCEAN’s goal is to empower miners while reducing the influence that giant mining companies can have on the Bitcoin network.

Jack Dorsey, a long-time advocate for Bitcoin, expressed his deep respect for OCEAN’s mission. He acknowledged the significance of addressing the centralization of mining pools, recognizing the potential risks it poses to essential attributes of Bitcoin.

“OCEAN is solving a problem for Bitcoiners that I think all of us feel,” noted Dorsey.

Jack Dorsey’s Endorsement and Vision for Bitcoin

Speaking about his decision to support OCEAN, Dorsey explained, “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.”

This move is just one facet of Dorsey’s broader commitment to the Bitcoin ecosystem. Recently, he disclosed a significant financial commitment to Brink, a Web3 hub dedicated to supporting developers within the Bitcoin network. The commitment amounts to $5 million with plans to disburse these funds over five years, with $1 million allocated each year.

Moreover, he and his team have been working on strengthening the Bitcoin Lightning network in order to increase the scalability of the blockchain.