Mummolin Raises $6.2 Million to Decentralize Bitcoin Mining
Mummolin, Inc. has secured $6.2 million in seed funding for its OCEAN project, which aims to decentralize Bitcoin mining globally. The funding round was led by Block CEO Jack Dorsey and received support from notable entities such as Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and the Bitcoin Opportunity Fund.
A Shift in Mining: OCEAN’s Mission
OCEAN seeks to disrupt the traditional mining pool model criticized for centralization. Luke Dashjr, Mummolin co-founder and Bitcoin Core developer, emphasized the need for change to maintain BTC’s decentralized ethos. OCEAN aims to be the most transparent and only non-custodial pool where miners receive block rewards directly from Bitcoin.
Addressing Centralization Concerns
Traditional mining pools hold custody of block rewards and fees, raising concerns about potential payment withholding. OCEAN’s non-custodial approach directly pays miners from block rewards, reducing pools’ influence and mitigating risks. Mark Artymko, Mummolin co-founder and President, believes this approach strengthens the network.
Jack Dorsey’s Endorsement
Jack Dorsey’s involvement in OCEAN demonstrates his support for its mission and team. He acknowledges the issue of further centralization in pools and mining that could impact Bitcoin. Dorsey sees OCEAN as a solution beneficial to Bitcoin broadly and personally.
First Customer and Future Plans
Barefoot Mining becomes OCEAN’s first customer, with its CEO praising it as a significant announcement in the Bitcoin world. OCEAN’s launch aligns with ongoing efforts to decentralize BTC mining, which is currently dominated by centralized pools. The company plans to introduce additional Bitcoin decentralization improvements and upgrades in 2024.
Hot Take: OCEAN’s Drive for Decentralized Mining
Mummolin’s successful seed funding round for the OCEAN project signals a growing trend towards diversification and decentralization in the Bitcoin mining landscape. With support from industry figures like Jack Dorsey, OCEAN aims to disrupt the traditional mining pool model and empower miners by providing direct payouts from block rewards. This approach addresses concerns about payment withholding and reduces the influence of centralized pools. As Bitcoin continues to evolve, initiatives like OCEAN contribute to the broader mission of maintaining a decentralized network.
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