Jack Dorsey’s $6.2M Investment in Decentralized Bitcoin Mining Pool OCEAN Leading the Way

Wyoming-based software development company Mummolin has raised $6.2 million in an investment round led by Jack Dorsey, an American internet entrepreneur and billionaire CEO of the financial services company Block, for the launch of its decentralized Bitcoin (BTC) mining pool, OCEAN.

According to the firm, the just-concluded funding also saw participation from other undisclosed partners and institutional investors.

With part of the funds allocated to support the rollout of OCEAN, the company said the new project will serve as the first of many mining decentralization projects for the Bitcoin blockchain.

Mummolin co-founder and long-time Bitcoin core developer Luke Dashjr said the protocol aims to transform the role of mining pools for the crypto asset to truly exist as a decentralized currency.

“OCEAN is a new type of pool that enables miners to be truly miners again. We are launching as the most transparent pool and the only non-custodial pool where miners receive new block rewards directly from Bitcoin.”

He also explained that conventional Bitcoin mining pools take exclusive custody of block rewards and transaction fees before splitting them up amongst miners, allowing them to withhold payments from individual miners, whether by their own choice or legal requirement.

However, with OCEAN, the protocol’s non-custodial payouts directly to miners from the block reward removes the risk of withholding miners’ payment and the pool’s undue influence over miners.

Jack Dorsey said that the new project is good for Bitcoin, hence his reason for being part of the protocol and leading the $6.2 million investment round.

He also disclosed that OCEAN is solving a major problem for all Bitcoin enthusiasts who believe in the underlying capabilities of the protocol and safeguarding the network against centralized pools that could plague it.

Aside from his involvement with OCEAN, Dorsey has supported many other blockchain projects with strong potential to benefit the crypto space.

He recently made a $5 million financial commitment to Brink, a Web3 protocol designed to provide developers with tools and other infrastructure within the network. The American tech billionaire plans to support the protocol with $1 million yearly for five years.

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