Mummolin Raises $6.2 Million for OCEAN Initiative
Mummolin has announced that it raised $6.2 million in seed funding for its new initiative called OCEAN, led by Jack Dorsey. OCEAN aims to decentralize Bitcoin mining and will launch as a transparent, non-custodial mining pool.
Decentralized Bitcoin Mining Pool
OCEAN’s goal is to address the centralization of mining pools, lack of transparency, and custodianship of funds in the industry. By paying miners directly from the coinbase transaction, OCEAN eliminates the risk of payment withholding or undue influence from pools.
Bitcoin Core developer and Mummolin co-founder Luke Dashjr emphasized the need for a change in the role of mining pools to achieve true decentralization. Jack Dorsey expressed his support for OCEAN’s mission.
OCEAN’s Impact on Bitcoin Network
OCEAN aims to make the Bitcoin network more robust by offering transparency and enabling miners to be paid directly by Bitcoin itself. The platform plans to allow independent block template construction for participating miners.
Jack Dorsey highlighted the project’s benefits for Bitcoin and his personal interest in being a part of it. OCEAN also plans to introduce further decentralization improvements and upgrades in 2024.
Bitcoin Mining Ecosystem Overview
The current Bitcoin mining landscape is dominated by four major pools: AntPool, Foundry USA, F2Pool, and ViaBTC. These pools control a significant portion of the network hash power.
Binance Pool is also a notable player in the mining ecosystem.
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