The decentralized Bitcoin mining pool OCEAN recently raised a notable $6.2 million in a seed funding round led by billionaire Jack Dorsey. Other investors contributing to the collected $6.2 million include Barefoot Bitcoin Fund, NewLayer Capital, Bitcoin Opportunity Fund.
Decentralized Bitcoin Mining
Traditional Bitcoin mining pools are known to have full control over the rewards from blocks and the resulting transaction fees. They continue transactions by redistributing the emerging values among miners according to their own determinations. This arrangement also provides them with significant privileges, including the authority to withhold individual miners’ payments voluntarily or due to legal obligations.
OCEAN’s unsupervised payment system distributes earnings directly to miners through block rewards. This setup could eliminate the potential risks associated with existing traditional mining pools and prevent miners from being subject to undue influence.
The funds collected for OCEAN’s development are interpreted as the first step in a series of projects aimed at decentralizing Bitcoin mining.
Speaking about the developments following the investment round, Jack Dorsey said:
“Our contribution to OCEAN stems from our deep respect for their mission. OCEAN addresses a problem we all believe affects Bitcoin users: the increasing centralization of pools and mining pools, and how it risks a number of Bitcoin features we value. When I see a project that is generally good for Bitcoin and also personally good for myself and my companies, it becomes a simple decision for me, and I am happy to be a part of it.”
Jack Dorsey’s Love for BTC
Jack Dorsey has been one of the biggest supporters of BTC over the years. In addition, he and his team continue to work on developing the Bitcoin Lightning network with the goal of taking blockchain scalability to a new level.
Twitter’s founder and former CEO Jack Dorsey continues to steadfastly support the advancement of Bitcoin (BTC). Accordingly, his recent financial investment in Brink, a Web3.0 hub dedicated to benefiting developers on the network, serves as an example.
The investment by Jack Dorsey includes a total financial commitment of $5,000,000. Furthermore, according to the agreement, the payment will be made annually in the amount of $1 million over the course of 5 years.
- OCEAN pool raises $6.2 million led by Dorsey.
- System aims to decentralize Bitcoin mining.
- Jack Dorsey deeply respects OCEAN’s mission.