Jack Dorsey, co-founder of Twitter (now X) and a distinguished advocate for Bitcoin, has led a $6.2 million seed spherical for Mummolin, the mother or father firm of a brand new Bitcoin mining pool known as Ocean. The funding is meant to help the launch of Ocean, a mining pool designed to decentralize and rework the Bitcoin mining course of. The important thing goal is to offer higher transparency within the mining course of and allow miners to obtain block rewards straight from Bitcoin, versus conventional Bitcoin mining swimming pools.
The funding spherical was introduced on November 29, and Ian Northon, co-founder and chief authorized officer at Mummolin, said that the raised funds could be used for basic company functions. Whereas the cap desk stays non-public, Northon expressed satisfaction in having help from a number of unique Bitcoiners and thought leaders.
Ocean’s payout system, referred to as TIDES (Clear Index of Distinct Prolonged Shares), is taken into account an improve and enchancment on current programs, providing enhanced transparency and equity, particularly concerning miners’ transaction charge income.
Luke Dashjr, Mummolin co-founder and long-time Bitcoin Core developer, emphasised the necessity for a change within the function of mining swimming pools for Bitcoin to really exist as a decentralized forex. Ocean goals to be a clear and noncustodial pool, the place miners straight obtain new block rewards from Bitcoin.
Mark Artymko, Mummolin co-founder and president, highlighted a key subject with conventional BTC mining swimming pools, the place they take unique custody of block rewards and transaction charges earlier than distributing them amongst miners. Ocean’s noncustodial payout system goals to eradicate this threat and undue affect over miners.
Jack Dorsey expressed confidence in Ocean’s means to deal with considerations concerning the additional centralization of swimming pools and mining operations, probably affecting Bitcoin’s decentralized nature. Dorsey said that supporting initiatives which are good for Bitcoin and align together with his private and firm pursuits is a simple resolution for him.
Ocean’s launch was introduced on the Way forward for Bitcoin Mining Convention, going down close to Barefoot Mining’s 150-year-old hydroelectric dam in rural South Carolina. Barefoot Mining, the primary consumer of Ocean, has repurposed the dam to transform extra vitality into Bitcoin mining at scale.
Ocean’s launch comes 139 days earlier than Bitcoin’s fourth halving occasion, anticipated on April 17, 2024. This occasion will scale back the present 6.25 BTC mining reward per block to three.125 BTC, considerably impacting incentives for Bitcoin miners.