Jack Dorsey wants to decentralize Bitcoin mining with new investment

Twitter (now X) co-founder and Bitcoin (BTC) advocate Jack Dorsey is backing a brand new BTC mining pool to assist miners regain management of block rewards and transaction charges.

Dorsey has led a $6.2 million seed spherical for Mummolin, the father or mother firm of the brand new decentralization Bitcoin mining pool referred to as Ocean, in accordance with an announcement on Nov. 29.

The seed funding will assist the launch of Ocean, which is designed to decentralize and reshape the method of Bitcoin mining. The mining pool particularly goals to offer extra mining course of transparency and allow miners to obtain block rewards straight from Bitcoin moderately than from BTC mining swimming pools.

Luke Dashjr, Mummolin co-founder and long-time Bitcoin Core developer, believes that the position of mining swimming pools should change for Bitcoin to exist as a really decentralized foreign money.

“Ocean is a brand new kind of pool that allows miners to be really miners once more. We’re launching as essentially the most clear pool and likewise the one noncustodial pool the place miners are the recipients of latest block rewards straight from Bitcoin,” Dashjr acknowledged.

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Mummolin co-founder and president Mark Artymko confused that conventional BTC mining swimming pools take unique custody of block rewards and transaction charges earlier than distributing them amongst miners. “This offers them the power to withhold fee from particular person miners, whether or not by their very own selection or by authorized requirement,” Artymko mentioned, including:

“OCEAN’s non-custodial payouts on to miners from the block reward take away this threat and the pool’s undue affect over miners.”

Dedicated Ocean supporter Dorsey is assured that the platform will resolve the issue of additional centralization of swimming pools and mining swimming pools that would plague Bitcoin. He famous:

“Once I see a venture that’s good for Bitcoin broadly, and that is additionally good for me and my corporations personally, it turns into a easy resolution for me and I am joyful to be part of it.”

The launch of Ocean was introduced on the Way forward for Bitcoin Mining Convention within the shadows of Barefoot Mining’s 150-year-old hydroelectric dam in rural South Carolina. Barefoot Mining, the primary consumer of Ocean, has totally repurposed the dam, changing extra power to Bitcoin mining at scale.

Ocean’s launch comes 139 days earlier than Bitcoin’s fourth halving occasion, anticipated to happen on April 17, 2024. After the halving, the present 6.25 mining reward per block will drop to three.125 BTC, considerably lowering incentives for Bitcoin miners.

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