Mummolin Raises $6.2 Million for Ocean Bitcoin Mining Pool
Bitcoin startup Mummolin has secured $6.2 million in seed funding to launch Ocean, a decentralized bitcoin mining pool. The funding round was led by former Twitter CEO Jack Dorsey, who is a prominent Bitcoin advocate.
How Ocean Differs from Traditional Mining Pools
In traditional mining pools, the pool operator holds the rewards and distributes them to miners. This creates the risk of payment withholding or transaction censorship. Ocean aims to eliminate these risks by allowing miners to receive block rewards directly from the Bitcoin network.
Support from Bitcoin and Web3 Leaders
The seed funding round for Ocean included investments from well-known Bitcoin and Web3 funds such as Accomplice, Barefoot Bitcoin Fund, MoonKite, and NewLayer Capital. The decentralized mining pool has also received praise from industry experts for its emphasis on decentralization and transparency.
Hot Take: Shifting Power to Individual Miners
The launch of Ocean represents a significant step towards decentralizing Bitcoin mining and empowering individual miners. By enabling direct payouts and removing the influence of centralized intermediaries, Ocean aims to uphold the core values of censorship resistance and peer-to-peer principles in the Bitcoin network.
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