Mummolin launched Ocean, a new Bitcoin mining pool that seeks to decentralize the mining process, with a $6.2 million fundraising round in which Jack Dorsey was the lead investor.
X co-founder and Bitcoin advocate Jack Dorsey is starting a new business that will revolutionize Bitcoin mining. Dorsey is well-known for his work on Twitter.
He most recently led a seed investment round of $6.2 million for Mummolin, the parent firm of Ocean, an innovative Bitcoin mining pool. This is a calculated effort to change the Bitcoin mining industry, not only a financial endorsement.
Decentralizing the Bitcoin mining process is the main objective of Mummolin’s new project, Ocean. It aspires to empower miners by letting them earn block rewards directly from Bitcoin and by offering unrivaled transparency to mining operations.
Compared to the existing arrangement, where miners usually get their earnings from Bitcoin mining pools, this technique is very different. The initial money will address general company requirements, according to Mummolin co-founder and chief legal officer Ian Northon, who also boasts backing from a number of prominent Bitcoin enthusiasts and thought leaders.
When taking into account the revenue from miners’ transaction fees, his suggested method, TIDES (Transparent Index of Distinct Extended Shares), outperforms more traditional payment mechanisms like PPLNS and FPPS.
An additional Mummolin co-founder and a seasoned Bitcoin Core engineer, Luke Dashjr, discussed his plans to change the function of mining pools.
Dashjr claims that Ocean is more than just another mining pool; it represents a revolutionary change that brings back the original intent of Bitcoin network miners. Ocean is different from typical custodial pools since it is not custodial and miners may collect Bitcoin’s new block rewards directly.
With the fourth halving event of Bitcoin scheduled for April 17, 2024, the debut of Ocean marks a pivotal moment in the history of Bitcoin mining.
This event will cut the current mining reward per block in half, to 3.125 BTC, which will have a significant negative impact on the profitability and sustainability of Bitcoin mining.
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