Jack Dorsey Takes the Lead in $6.2 Million Investment for OCEAN, a Decentralized Bitcoin Mining Pool

OCEAN Raises $6.2 Million in Seed Funding

OCEAN, a decentralized Bitcoin mining pool, has successfully raised $6.2 million in their seed funding round. The funding was led by billionaire Jack Dorsey, with participation from other investors such as Barefoot Bitcoin Fund, NewLayer Capital, and the Bitcoin Opportunity Fund.

Decentralized Bitcoin Mining Pool

In traditional Bitcoin mining pools, the pool operators have full control over block rewards and transaction fees. They can distribute these rewards among miners as they see fit and even withhold payments if necessary. OCEAN’s non-custodial payout system eliminates these risks by directly disbursing earnings to miners from the block reward.

This approach ensures that miners are not subject to undue influence from the pool and contributes to the decentralization of Bitcoin mining.

Support from Jack Dorsey

Jack Dorsey, the founder of Twitter, has long been a supporter of BTC and has been actively involved in the crypto space. He has also been working on improving the scalability of the Bitcoin Lightning network.

Dorsey’s investment in OCEAN is driven by his belief in the mission to decentralize Bitcoin mining globally. He recognizes the potential risks of centralization in mining pools and supports projects that align with his vision for a truly decentralized currency.

Hot Take: Jack Dorsey Supports Decentralization in Bitcoin Mining

Jack Dorsey’s recent investment in OCEAN’s seed funding round demonstrates his commitment to promoting decentralization in Bitcoin mining. By supporting projects like OCEAN, which eliminate the risks associated with centralized mining pools, Dorsey aims to preserve the core attributes of Bitcoin that are valued by the community.