Dorsey’s Ocean: A New Wave in Bitcoin Mining

Jack Dorsey has spearheaded a $6.2 million seed funding round for Mummolin, aiming to launch Ocean, a new decentralized Bitcoin mining pool. This investment marks a pivotal turn in the journey of Bitcoin mining, intending to democratize the process and enhance transparency.

Ocean’s innovative approach, focusing on direct block reward distribution to miners, contrasts sharply with traditional BTC mining pools’ practices. By bypassing these pools, Ocean empowers miners with direct access to their earnings, a move that could significantly reshape the Bitcoin mining landscape.

Ian Northon, co-founder of Mummolin, emphasized that the raised capital would fuel corporate objectives, highlighting the backing of seasoned Bitcoin enthusiasts and thought leaders. The TIDES payout system, representing Transparent Index of Distinct Extended Shares, is touted as a superior alternative to existing models, promising fairer distribution of transaction fee revenue among miners.

Luke Dashjr, another co-founder and a respected figure in the Bitcoin community, advocates for this transformation. He envisions Ocean as a platform enabling miners to reclaim their role in the decentralized framework of Bitcoin, free from the constraints and influence of conventional mining pools.

Mummolin’s president, Mark Artymko, further critiques the traditional system where mining pools control block rewards and transaction fees, often to the detriment of individual miners. Ocean’s non-custodial payout model addresses these issues, removing the risk of withheld payments and undue influence by the pools.

Jack Dorsey, an ardent supporter of Bitcoin and now Ocean, sees this venture as vital for tackling the centralization issues plaguing Bitcoin mining pools. His involvement is driven by a belief in the project’s broad benefits to the Bitcoin ecosystem and its alignment with his personal and business interests.

Ocean’s introduction was announced at the Future of Bitcoin Mining Conference, significantly held at Barefoot Mining’s eco-friendly site in South Carolina. Barefoot Mining exemplifies the sustainable energy practices integral to Ocean’s ethos, using a repurposed hydroelectric dam for large-scale Bitcoin mining.

This launch comes at a critical juncture, 139 days before Bitcoin’s anticipated fourth halving event in April 2024, which will reduce the mining reward from 6.25 to 3.125 BTC. This halving poses challenges for miners, making Ocean’s emergence and its promise of a more equitable mining process all the more pertinent.