Crypto News – Mummolin said on November 28 that it had secured $6.2 million in seed money for its new project, OCEAN, which intends to decentralize Bitcoin mining under Jack Dorsey‘s leadership.
Jack Dorsey Leads Crypto Mining-Based OCEAN’s $6.2 Million Funding Round
The release states that this removes the possibility of pools refusing to pay or exerting undue influence over miners.
Our contribution to OCEAN comes out of a deep respect for their mission,
Dorsey
“We make the network radically more robust,” said OCEAN‘s Global Head of Sales, adding that by providing transparency and a way for miners to be paid directly by Bitcoin.
In 2024, the platform intends to provide new stages of the decentralization of Bitcoin. In order to allow miners to join the pool while still building their own blocks, OCEAN intends to offer independent block template construction after it launches.
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.
Dorsey
About OCEAN
In contrast to other Bitcoin mining pools that manage funds, OCEAN is starting out as an open, non-custodial pool where miners get paid straight from Coinbase transactions. The platform is driven to address problems related to the industry’s lack of transparency, fund custodianship, and centralization of mining pools.
The role of mining pools must change for Bitcoin to exist as a truly decentralized currency. 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.
Luke Dashjr, Bitcoin Core developer and Mummolin co-founder
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