Core

Future

Bitcoin

April

<div class="sg-post-des">
 Ocean, which raised $6.2 million in a funding round led by Jack Dorsey, plans to enable miners to get block rewards directly from Bitcoin.
</div>
<div class="cointelegraph">
 Twitter (now X) co-founder and Bitcoin (BTC) advocate Jack Dorsey is backing a new BTC mining pool to help miners regain control of block rewards and transaction fees.
 Dorsey has led a $6.2 million seed round for Mummolin, the parent company of the new decentralization Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> pool called Ocean, according to an announcement on Nov. 29.
 The seed funding will support the launch of Ocean, which is designed to <a rel="noopener noreferrer nofollow" title="decentralize" href="https://thebittimes.com/tag/decentralize.html">decentralize</a> and reshape the process of Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a>. The <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> pool specifically aims to provide more <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> process transparency and enable miners to receive block rewards directly from Bitcoin rather than from BTC <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> pools.
 Luke Dashjr, Mummolin co-founder and long-time Bitcoin Core developer, believes that the role of mining pools must change for Bitcoin to exist as a truly 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 also the only noncustodial pool where miners are the recipients of new block rewards directly from Bitcoin,” Dashjr stated.
 Related: Bitcoin user pays $3.1M transaction fee for 139 BTC transfer
 Mummolin co-founder and president Mark Artymko stressed that traditional BTC <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> pools take exclusive custody of block rewards and transaction fees before distributing them among miners. “This gives them the ability to withhold payment from individual miners, whether by their own choice or by legal requirement,” Artymko said, adding:
 <blockquote>
 “OCEAN's non-custodial payouts directly to miners from the block reward remove this risk and the pool's undue influence over miners.”
 </blockquote>
 Committed Ocean supporter Dorsey is confident that the platform will solve the problem of further centralization of pools and mining pools that could plague Bitcoin. He noted:
 <blockquote>
 “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.”
 </blockquote>
 The launch of Ocean was announced at the Future of Bitcoin Mining Conference in the shadows of Barefoot Mining’s 150-year-old hydroelectric dam in rural South Carolina. Barefoot Mining, the first client of Ocean, has fully repurposed the dam, converting excess energy to Bitcoin mining at scale.
 Ocean's launch comes 139 days before Bitcoin's fourth halving event, expected to occur on April 17, 2024. After the halving, the current 6.25 <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> reward per block will drop to 3.125 BTC, significantly decreasing incentives for Bitcoin miners.
 Magazine: Real AI use cases in crypto, No. 2: AIs can run DAOs
 <template data-name="subscription_form" data-type="defi_newsletter"></template>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jack-dorsey-wants-to-decentralize-bitcoin-mining-with-new-investment-tbt72046.html">https://thebittimes.com/jack-dorsey-wants-to-decentralize-bitcoin-mining-with-new-investment-tbt72046.html</a>

Jack Dorsey wants to decentralize Bitcoin mining with new investment

TheBitTimes

2023년 11월 29일에 게재된 다른 기사

Binance’s Chief Compliance Officer Noah Perlman Under Fire: Allegations of Ties to FTX, Gemini, a...

As PEPED Coin Races Up 1,500% on DEXTools, This Under-Radar Crypto Has Scooped Up $2 Million – Wh...

Philippines SEC Issues Warning Over Binance’s Unauthorized Operations

Wormhole raises $225m after split from Jump Crypto

How to Buy Beam Coin?

Binance Expands Trading Options with New Pairs Including TerraClassicUSD and BLUR

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!