Led by billionaire Jack Dorsey, the decentralized Bitcoin mining pool OCEAN recently raised an incredible $6.2 million in its seed funding round. The Bitcoin Opportunity Fund, Barefoot Bitcoin Fund, NewLayer Capital, and other investors are a few of the others.
Independent Bitcoin Mining
Block rewards and transaction fees are normally entirely under the control of conventional Bitcoin mining pools, which divide them up among miners as they see fit. This arrangement also gives them the power to refuse payments to specific miners, either on their own initiative or as a result of regulatory requirements.
The non-custodial payout mechanism of OCEAN pays miners directly from the block reward. As a result, it gets rid of all the possible hazards that come with conventional pools and guarantees that miners won’t be negatively impacted by them.
The purpose of the seed money is to help launch OCEAN, which is the first in a line of initiatives to decentralize Bitcoin mining. Co-founder of Mummolin and seasoned Bitcoin Core developer Luke Dashjr also underlined the need for a change in the function of mining pools in order to establish Bitcoin as a truly decentralized currency. Jack Dorsey commented on the development, saying:
“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. As part of the launch, Mr. Dorsey noted,”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.“
Bitcoin Is Jack Dorsey’s Passion
Jack Dorsey has been involved in the Bitcoin space for a considerable amount of time and is one of its biggest proponents. In addition, he and his group have been focusing on enhancing the Bitcoin Lightning network to increase the scalability of the blockchain.
Jack Dorsey, the creator of Twitter, is also unwavering in his efforts to support the development of the Bitcoin (BTC) protocol, as demonstrated by his recent financial contribution to Brink, a Web3.0 hub that supports network developers.
The disclosed funding commitment under the terms of the Jack Dorsey Commitment is $5,000,000. Additionally, in accordance with the agreement, $1 million will be distributed annually over a period of 5 years.