OCEAN MineShift

Cryptocurrency

Martin Walker

Dec 3, 2023 at 11:17 am

On November 28, Mummolin made a groundbreaking announcement, disclosing a successful seed funding round that amassed a substantial $6.2 million. The primary force behind this financial boost was none other than Jack Dorsey, a prominent figure in the tech industry. The funds are earmarked for Mummolin's latest venture, OCEAN, a novel initiative aimed at revolutionizing the landscape of Bitcoin mining through decentralization.

OCEAN is set to make waves as it introduces a radical departure from traditional mining pool setups. The platform positions itself as a transparent and non-custodial Bitcoin mining pool. In stark contrast to conventional structures, OCEAN ensures that miners receive their compensation directly from the coinbase transaction, eliminating the potential pitfalls associated with pools controlling funds.

Distributed Bitcoin Mining

The driving force behind OCEAN's emergence lies in addressing critical issues related to the centralization of mining pools, custodianship challenges, and the pervasive lack of transparency within the industry. Luke Dashjr, a Bitcoin Core developer and co-founder of Mummolin, emphasized the necessity for a paradigm shift in the role of mining pools to foster true decentralization for Bitcoin. According to him, OCEAN represents a transformative pool that empowers miners to reclaim their authentic role. The platform is not only the epitome of transparency but also stands out as the sole non-custodial pool where miners directly receive new block rewards from Bitcoin.

Jack Dorsey expressed his endorsement for OCEAN, citing a profound respect for its mission. OCEAN's Global Head of Sales, operating under the pseudonym 'Bitcoin Mechanic,' underscored the platform's contribution to enhancing network robustness by providing transparency and a direct payment mechanism from Bitcoin to miners.

Coming up next - special announcement from @LukeDashjr. Tune in to watch live!https://t.co/fIZbYNEetf
— OCEAN (@ocean_mining) November 28, 2023

Post-launch, OCEAN has ambitious plans, intending to facilitate independent block template construction, allowing miners to actively participate in the pool while concurrently constructing their own blocks. Dorsey, acknowledging the symbiotic relationship between projects beneficial for Bitcoin and his personal ventures, affirmed his enthusiasm for being part of OCEAN.

Prospects of the Bitcoin Mining Landscape

Looking ahead, OCEAN envisions rolling out additional phases of Bitcoin decentralization improvements and upgrades in 2024. This strategic move aligns with the broader trend in the Bitcoin mining ecosystem, which, according to Blockchain.com, is currently dominated by four major pools. AntPool claims the lion's share with 38% of the network hash power, followed by Foundry USA at 23%, F2Pool at 9%, and ViaBTC also holding a 9% share. Binance Pool rounds out the top five, commanding 6.25% of the hash power distribution.