Mummolin, Inc. raises $6.2 million boost decentralized Bitcoin mining
Mummolin, Inc. has announced a significant milestone in its cryptocurrency project OCEAN, having raised $6.2 million in seed funding. This round, led by Jack Dorsey, along with other investors, marks a pivotal step towards decentralizing Bitcoin mining.
Empowering Miners and the Bitcoin Network
Under Mummolin, Inc., OCEAN is pioneering a non-custodial, transparent, and permissionless mining approach. Its goal is to empower miners and enhance the decentralization of the Bitcoin network.
Transforming Role of Mining Pools
Luke Dashjr, a Bitcoin Core developer and Mummolin co-founder, emphasizes that the essence of OCEAN lies in transforming the role of mining pools to uphold Bitcoin’s decentralized nature. He envisions OCEAN as a new kind of mining pool that restores miners’ autonomy by allowing them to receive block rewards directly from Bitcoin, setting it apart from traditional pools.
Non-custodial Model to Circumvent Payment Risks
Mark Artymko, co-founder and President of Mummolin, points out a significant flaw in conventional Bitcoin mining pools: their control over block rewards and transaction fees. This control, he argues, can lead to potential withholding of payments to miners. OCEAN’s model, designed to be non-custodial, aims to circumvent this risk by ensuring direct payouts to miners.
Jack Dorsey Leads Seed Round in Support of OCEAN’s Mission
According to OCEAN’s press release, Jack Dorsey, a prominent advocate of decentralization in technology, expresses deep respect for OCEAN’s mission. Highlighting the challenges of centralization in Bitcoin mining, he sees OCEAN as a beneficial development for the broader Bitcoin community and his business interests.
OCEAN’s Unveiling at the Future of Bitcoin Mining Conference
Bob Burnett, co-founder & CEO of Barefoot Mining and OCEAN’s first customer, lauds the launch of OCEAN. He views it as a significant advancement in the Bitcoin world, bringing diversity and innovation to mining.
The Future of Bitcoin Decentralization
OCEAN’s unveiling at the Future of Bitcoin Mining Conference, held near a 150-year-old hydroelectric dam repurposed for Bitcoin mining, underscores its commitment to novel solutions in energy utilization and mining efficiency. The company anticipates further developments in Bitcoin decentralization in 2024.
Hot Take
Mummolin, Inc. has achieved a significant milestone in the world of cryptocurrency with its OCEAN project. By raising $6.2 million in seed funding, the project is making great strides in decentralizing Bitcoin mining, empowering miners, and enhancing the security and decentralization of the Bitcoin network. The backing of Jack Dorsey and other prominent investors signals a positive development for the future of Bitcoin and the crypto community as a whole. OCEAN’s commitment to a non-custodial, transparent, and permissionless mining approach bodes well for the advancement of the industry.
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