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 <p class="is-style-lead">Crypto mining startup OCEAN raised over $6 million from Jack Dorsey and other backers to enhance decentralization of the Bitcoin ecosystem.</p>
 <p>Decentralized Bitcoin (BTC) mining pool OCEAN, a subsidiary of Mummolin Inc., has raised $6.2 million in a seed funding round led by Jack Dorsey.</p>
 <p>According to a press release on Nov. 28, 2023 the round was also led by other investors such as Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital and the Bitcoin Opportunity Fund.</p>
 <p>As per Mummolin Co-Founder Luke Dashjr, Ocean represents a new type of pool that enables miners “to be truly miners again.”</p>
 <blockquote class="wp-block-quote">
  <p>“We are launching as the most transparent pool and also the only non-custodial pool where miners are the recipients of new block rewards directly from Bitcoin.”</p>
  <p>Luke Dashjr</p>
 </blockquote>
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 <p>According to Jack Dorsey, the startup is aimed at solving a problem of Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> pools’ centralization, which poses risks of plaguing the whole network.</p>
 <blockquote class="wp-block-quote">
  <p>“OCEAN is solving a problem for Bitcoiners that I think all of us feel — further centralization of pools and <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> pools that could plague Bitcoin, and how that risks a bunch of Bitcoin attributes that we hold dear.”</p>
  <p>Jack Dorsey</p>
 </blockquote>
 <p>OCEAN is said to launch new phases of Bitcoin decentralization <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> in 2024. In the meantime, Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> companies are doubling down on their efforts to expand resources ahead of the upcoming halving in 2024, which will reduce miners’ reward from 6.25 BTC per block to 3.125 BTC.</p>
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 <p>As crypto.news earlier reported, Bitfarms Ltd., a Canadian&nbsp;Bitcoin&nbsp;<a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> company, initiated a private placement deal with U.S. institutional investors to <a rel="noopener noreferrer nofollow" title="raise" href="https://thebittimes.com/tag/raise.html">raise</a> approximately $44 million. This strategic deal entails the issuance of over 44 million common shares at 99 cents each, coupled with warrants for purchasing additional shares.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Crypto mining firm Phoenix Group delays share listing date
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/decentralized-bitcoin-mining-pool-ocean-raises-6-2m-in-seed-round-led-by-jack-dorsey-tbt72022.html">https://thebittimes.com/decentralized-bitcoin-mining-pool-ocean-raises-6-2m-in-seed-round-led-by-jack-dorsey-tbt72022.html</a></p>

Decentralized Bitcoin mining pool OCEAN raises $6.2m in seed round led by Jack Dorsey

TheBitTimes

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