Jack Dorsey Leads $6.2 Million Seed Funding for OCEAN Bitcoin Mining Pool
Mummolin, a Bitcoin startup, has raised $6.2 million in seed funding to support the launch of Ocean, a new decentralized bitcoin mining pool. The funding round was led by former Twitter CEO and Bitcoin advocate Jack Dorsey.
OCEAN mining pool seeks to shift power back to Bitcoin miners by enabling them to receive block rewards directly from the network, without the risks posed by centralized mining pools.
In conventional Bitcoin mining pools, the pool operator takes custody of the rewards and distributes them to miners. This means the pool can potentially withhold payments or censor certain transactions.
“she thought it was the ocean…it’s just the pool” https://t.co/iGXrNNrhiZ
— jack (@jack) November 29, 2023
“Ocean’s non-custodial payouts directly to miners from the block reward remove this risk and the pool’s undue influence over miners,” Mummolin’s president Mark Artymko said in a press release.
Instead, Ocean will be the first fully decentralized Bitcoin mining pool, paying miners directly in a transparent manner. Miners on Ocean will get the new block reward straight from the Bitcoin network, without interference from any centralized entity.
“The role of mining pools must change for Bitcoin to exist as a truly decentralized currency,” long-time Bitcoin developer and Mummulin co-founder Luke Dashjr stated.
In addition to Jack Dorsey’s lead investment, Ocean’s seed funding round included investments from several high-profile Bitcoin and Web3 funds such as Accomplice, Barefoot Bitcoin Fund, MoonKite, and NewLayer Capital.
The old code has already been updated and tested with support for the latest Bitcoin addresses and mining machines.
As was the case with Eligius, OCEAN is a non-custodial pool paying miners directly with
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