Ocean Achieves Milestone with Third Bitcoin Block
The decentralized Bitcoin mining pool, Ocean, has reached a significant milestone by successfully mining its third block. The block, number 823,129, was mined on Wednesday morning and earned a total reward of 7.412 bitcoins. This achievement highlights the capabilities of Ocean’s decentralized system, which was launched in November 2022 to promote decentralization in Bitcoin mining.
Ocean’s Unique Mining Approach
Mononaut, a key figure at BitfeedLive, highlighted Ocean’s distinctive mining approach after the milestone. The block was constructed using their standard “filtered” template and included 1 inscription and 54 op_returns (mostly Runes). The filtering resulted in a reduction in fees and total block reward.
Ocean’s Current Hash Rate
Ocean’s current hash rate stands at 525 ph/s, making it a notable player in the competitive Bitcoin mining sector. The launch of Ocean mining was announced by Bitcoin Core developer Luke Dashjr on November 28. With support from notable figure Jack Dorsey, the initiative aims to challenge the current norms of Bitcoin mining pools and promote a more decentralized approach.
The Need for Decentralization
Dashjr emphasized the necessity of decentralization in mining pools due to concerns over centralization and overreach by other pool operators. He highlighted the custodial nature of current mining pools and their control over who can use Bitcoin, calling for a change to maintain the security model of Bitcoin.
The Significance of Ocean’s Achievement
Ocean’s successful mining of its third block is not just a numerical success but also demonstrates the potential of decentralized mining pools in the Bitcoin ecosystem. As the industry evolves, Ocean’s role and impact will be closely monitored in the quest for decentralization and maintaining the integrity of the blockchain network.
Hot Take: Ocean Advances Decentralization in Bitcoin Mining
Ocean’s accomplishment in mining its third block is a significant step forward in the ongoing quest for decentralization in Bitcoin mining. By utilizing a unique mining approach and challenging the norms of traditional mining pools, Ocean showcases the potential of decentralized systems. As the industry continues to evolve, Ocean’s role will be crucial in promoting a more inclusive and secure Bitcoin network. Its achievements highlight the importance of decentralization and serve as an inspiration for future innovations in the mining sector.
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