Mummolin, Inc. Raises $6.2 Million Seed Funding Led by Block CEO Jack Dorsey
Mummolin, Inc. has secured a seed funding round worth $6.2 million, with participation from investors including Block CEO Jack Dorsey. The funding will be used to support the launch of OCEAN, a decentralized Bitcoin mining pool, as well as other projects aimed at decentralizing mining operations. Other participants in the funding round include Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and the Bitcoin Opportunity Fund.
OCEAN’s Mission: Empowering Miners and Promoting Decentralization
OCEAN unveiled the funding raise at the Future of Bitcoin Mining Conference, held at a repurposed hydroelectric dam in rural South Carolina. The project aims to empower miners by allowing them to regain control over decision-making processes in mining operations. OCEAN is designed to be non-custodial, transparent, and permissionless.
The goal is to disintermediate pools as trusted third parties and offer transparency and direct payment by Bitcoin itself to miners. This approach makes the network more robust and tackles the centralization issue that could potentially harm Bitcoin.
Solving Bitcoin Mining Pool Centralization
Mummolin was founded by Luke Dashjr, a long-time Bitcoin Core developer. The Wyoming-based company is the successor to Dashjr’s popular zero-fee mining pool called Eligius, which operated from 2010 to 2017.
OCEAN represents a new type of mining pool that aims to bring back the essence of true mining by enabling miners to directly receive new block rewards from Bitcoin. By doing so, it addresses the problem of centralization in mining pools and preserves important attributes of Bitcoin.
AntPool and Foundry USA Dominance
Currently, two centralized mining pools, AntPool and Foundry USA, dominate the distribution of Bitcoin hashrate, accounting for over 55% of the total hashrate. However, it’s worth noting that these pools consist of geographically dispersed miners who can redirect their mining power to different pools at any time.
OCEAN’s Plans for Decentralization
OCEAN intends to introduce additional improvements to promote Bitcoin mining decentralization in 2024. The project is seen as a significant development within the Bitcoin community, as it brings much-needed diversity to the mining world.
Hot Take: OCEAN Paves the Way for Mining Autonomy and Decentralization
OCEAN’s seed funding round led by Block CEO Jack Dorsey highlights the growing need for mining pool decentralization in the Bitcoin ecosystem. By empowering miners and providing transparency and direct payment through Bitcoin, OCEAN aims to disintermediate trusted third parties and strengthen the network. With AntPool and Foundry USA currently dominating hashrate distribution, OCEAN’s launch brings a fresh perspective and much-needed diversity to the mining landscape. This project sets the stage for future advancements in decentralized mining operations and reinforces key attributes of Bitcoin.
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