Jack Dorsey Champions OCEAN’s Mission to Transform Bitcoin Mining

The driving force behind Bitcoin decentralization efforts, OCEAN, has made history by successfully securing startup money to advance its mission. The financing ushers in a new phase of Bitcoin mining with the goal of redefining mining pools’ function in the context of a genuinely decentralized currency.

Mummolin co-founder and Bitcoin Core developer Luke Dashjr underlined the necessity of changing the conventional mining pool paradigm. “OCEAN is a new type of pool that enables miners to be truly miners again,” he said, emphasizing the non-custodial and transparent aspects of the system. In contrast to conventional pools, OCEAN guarantees that miners get fresh block rewards straight from Bitcoin, removing the possibility of payment delays and excessive pool influence.

Mark Artymko, co-founder and President of Mummolin, expanded on this, explaining, “OCEAN’s non-custodial payouts directly to miners from the block reward remove this risk and the pool’s undue influence over miners.”

Disintermediation and Radical Robustness

The pseudonymous Bitcoin Mechanic, OCEAN’s Global Head of Sales, articulated the intention to disintermediate as much as possible. He highlighted the transformation of mining pools from trusted third parties to permissioned entities, stating, “By offering transparency and a mechanism for miners to be paid directly by bitcoin itself, we make the network radically more robust.”

Jack Dorsey, the co-founder and former CEO of Twitter, expressed his support for OCEAN, emphasizing the significance of the project in combating the centralization of mining pools. Dorsey stated, “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.”

As part of the launch, Dorsey highlighted his confidence in OCEAN’s mission, stating, “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.”

The project’s potential effect was enthusiastically highlighted by Barefoot Mining, OCEAN’s first client. In the words of Barefoot Mining co-founder and CEO Bob Burnett, OCEAN’s announcement is “the most significant new company announcement in the Bitcoin world over the past few years.” He believes that the mining industry would benefit greatly from the creative approach of OCEAN.

Held in front of the historic hydroelectric dam owned by Barefoot Mining in a remote area of South Carolina, the Future of Bitcoin Mining Conference was where OCEAN made its ground-breaking revelation. OCEAN is well-positioned to spearhead the transformation of Bitcoin mining in the future, with intentions to introduce further stages of decentralized enhancements and upgrades in 2024.