Crypto Mining Startup OCEAN Raises $6.2 Million to Enhance Bitcoin Decentralization
A seed funding round led by Jack Dorsey has raised $6.2 million for OCEAN, a decentralized Bitcoin mining pool. Other investors include Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and the Bitcoin Opportunity Fund. OCEAN aims to address the problem of centralization in Bitcoin mining pools, which poses risks to the network.
Transparent and Non-Custodial Pool
OCEAN is positioning itself as the most transparent and non-custodial pool in the market. It allows miners to receive new block rewards directly from Bitcoin. This innovative approach enables miners to regain control and become true miners again.
Tackling Centralization Risks
Jack Dorsey recognizes the importance of solving the centralization problem in Bitcoin mining pools. By addressing this issue, OCEAN helps protect the key attributes of Bitcoin that are cherished by its community.
Future Plans for Decentralization
OCEAN plans to launch new phases of Bitcoin decentralization features in 2024. This move aligns with the efforts of other mining companies that are expanding their resources ahead of the upcoming halving in 2024.
Expanding Resources
Bitfarms Ltd., a Canadian Bitcoin mining company, recently initiated a private placement deal with U.S. institutional investors to raise around $44 million. This strategic deal involves issuing over 44 million common shares and warrants for purchasing additional shares.
Hot Take: Enhancing Decentralization in Bitcoin Mining
OCEAN’s successful funding round led by Jack Dorsey highlights the growing concern over centralization in Bitcoin mining. By providing a transparent and non-custodial pool, OCEAN aims to empower miners and enhance the decentralization of the Bitcoin ecosystem. With plans to launch new phases of decentralization features in 2024, OCEAN is positioned to play a crucial role in preserving the core attributes of Bitcoin. This funding round, along with other mining companies expanding their resources, demonstrates the industry’s commitment to preparing for future challenges such as the upcoming halving in 2024.
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