Jack Dorsey Takes the Helm in a 6.2 Million Dollars Investment for the Decentralized Bitcoin Mining Pool OCEAN

Crypto News- In a groundbreaking development, the decentralized Bitcoin mining pool OCEAN has successfully raised an impressive $6.2 million in its seed funding round, a venture spearheaded by none other than the billionaire Jack Dorsey. Notable participation also came from investors such as the Barefoot Bitcoin Fund, NewLayer Capital, and the Bitcoin Opportunity Fund.

Jack Dorsey Takes the Helm in a 6.2 Million Dollars Investment for the Decentralized Bitcoin Mining Pool OCEAN

The traditional landscape of Bitcoin mining pools typically involves centralized control over block rewards and transaction fees, allowing for discretionary redistribution among miners. This centralized structure provides pools with the power to withhold payments from individual miners voluntarily or due to legal obligations.

OCEAN, however, operates on a non-custodial payout system, directly dispersing earnings to miners from the block reward. This innovative approach mitigates potential risks associated with traditional pools and ensures that miners are not unduly influenced by the pool’s authority.

The significant seed funding secured by OCEAN is earmarked to pave the way for its introduction, signaling the initial step in a series of projects aimed at decentralizing Bitcoin mining. Luke Dashjr, a veteran Bitcoin Core developer and co-founder of Mummolin, stressed the importance of reshaping the role of mining pools to establish Bitcoin as a genuinely decentralized currency. Jack Dorsey, sharing his thoughts on this development, expressed:

“Our contribution to OCEAN comes out of a deep respect for their mission. OCEAN is solving a problem for Bitcoiners that I think all of us feel – further centralization of pools and mining pools that could plague Bitcoin, and how that risks a bunch of Bitcoin attributes that we hold dear.”

During the launch, Mr. Dorsey highlighted that when he encounters a project beneficial for Bitcoin on a broader scale and personally advantageous, it becomes a straightforward decision for him to be part of it.