Jack Dorsey, the co-founder and CEO of Twitter (now X) and Block, has invested $6.2 million in a new Bitcoin mining pool called Ocean. This is a project by Mummolin, a company that aims to decentralize and reshape the process of Bitcoin mining. Ocean claims to be the first non-custodial mining pool, which means that miners receive block rewards and transaction fees directly from Bitcoin, rather than from the pool operator.
This eliminates the risk of the pool withholding or delaying payments to miners, as well as the pool’s influence over miners’ decisions. Ocean also promises to be the most transparent mining pool, providing real-time data on its hash rate, pool fees, and payouts. Ocean’s co-founder and long-time Bitcoin Core developer Luke Dashjr said: “Ocean is a new type of pool that enables miners to be truly miners again.”
Dorsey, who is a vocal advocate of Bitcoin and its decentralization, said he was happy to support Ocean’s mission. He said: “When I see a project that is good for Bitcoin broadly, and that’s also good for me and my companies personally, it becomes a simple decision for me and I’m happy to be a part of it.”
Jack Dorsey Sets His Hopes on OCEAN
Ocean was launched at the Future of Bitcoin Mining Conference, which was hosted by Barefoot Mining, the first client of Ocean. Barefoot Mining is a hydroelectric-powered Bitcoin mining facility in South Carolina, which has repurposed a 150-year-old dam for green energy.
The launch of OCEAN, a new type of Bitcoin mining pool, is welcomed by Bob Burnett, the co-founder & CEO of Barefoot Mining and the first client of OCEAN. He believes that OCEAN brings more diversity and innovation to the Bitcoin mining industry.
Ocean’s launch comes 139 days before Bitcoin’s fourth halving event, which will reduce the mining reward from 6.25 BTC to 3.125 BTC per block. This will make mining more competitive and challenging, and also increase the demand for efficient and decentralized mining solutions.
