Jack Dorsey Heads $6.2 Million Seed Funding Round for OCEAN Bitcoin Mining Pool

Mummolin, Inc. has successfully raised a substantial $6.2 million seed funding round, with Block CEO Jack Dorsey at the forefront. This financial injection is earmarked to propel the launch of OCEAN and other pioneering initiatives in mining decentralisation. The announcement unfolded at the Future of Bitcoin Mining Conference, providing a fitting backdrop — a 150-year-old repurposed hydroelectric dam in rural South Carolina, emblematic of OCEAN’s commitment to harnessing excess energy for Bitcoin mining.

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OCEAN’s Mission and Ingenious Design

In its mission to rectify prevalent issues associated with centralising mining pools, fund custodianship, and transparency within the cryptocurrency industry, OCEAN recently achieved a significant milestone with a $6.2 million seed funding round. The platform is a non-custodial, transparent, and permissionless platform envisioned to empower miners by reinstating autonomy and decision-making authority over intricate processes in mining operations. 

The Global Head of Sales at OCEAN, known by the alias ‘Bitcoin Mechanic’, emphasises the platform’s aim to disintermediate trusted third parties, ushering in a new era of transparency and enabling miners to be paid directly by Bitcoin (BTC). This recent $6.2 million seed funding round will undoubtedly contribute to further advancements and innovations. Bitcoin Mechanic stated: 

“The intention is to disintermediate to the greatest extent possible. Pools have become trusted third parties whose permission we have required for activating soft forks and deciding what gets into the blockchain in addition to taking custody of all newly generated coins.” He added, “By offering transparency and a mechanism for miners to be paid directly by Bitcoin itself, we make the network radically more robust.”

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Transforming the Role of Mining Pools

Luke Dashjr, a BTC Core developer and co-founder of Mummolin, stresses the need for a paradigm shift in the role of mining pools for BTC to truly manifest as a decentralised 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 non-custodial pool where miners are the recipients of new block rewards directly from Bitcoin.”

Coming up next – special announcement from @LukeDashjr. Tune in to watch live!https://t.co/fIZbYNEetf

— OCEAN (@ocean_mining) November 28, 2023

This transformative approach aligns with Jack Dorsey’s commitment to projects that benefit BTC broadly and contribute significantly to the decentralisation of mining pools.

Jack Dorsey’s Strategic Insight

Jack Dorsey acknowledges his involvement in projects that align with the broader interests of BTC, as well as the advantages they bring to his personal ventures. Expressing his enthusiasm for OCEAN, Dorsey highlights the potential benefits of BTC and the positive impact it could have on both the cryptocurrency space and his own enterprises. Dorsey’s financial commitment to OCEAN and similar initiatives, evidenced by a substantial $6.2 million seed funding round, stresses his dedication to supporting the development of BTC.

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The Revolutionary Impact of OCEAN

Barefoot Mining, OCEAN’s inaugural customer, perceives the emergence of this new pool as a groundbreaking moment for BTC. CEO Bob Burnett asserts that OCEAN will introduce much-needed diversity to BTC mining, challenging the dominance of major pools and fostering a more decentralised mining ecosystem. 

The significance of OCEAN cannot be overstated, as it ushers in a new era where miners regain control and contribute to a more resilient and distributed BTC network. Recently, OCEAN achieved a major milestone with a $6.2 million seed funding round, providing additional momentum to their mission of reshaping BTC mining.

Addressing Centralisation in Bitcoin Mining

Current statistics from Blockchain.com reveal the dominance of four major BTC mining pools, with AntPool leading with 38% of the network hash power. OCEAN’s emergence as a non-custodial and transparent alternative presents a substantial challenge to the existing centralisation of mining power. Additionally, OCEAN securing backing with a $6.2 million seed funding round propels its innovative approach to reshape BTC mining.

While AntPool and Foundry USA currently hold a combined market share of over 55% of the total BTC hashrate, OCEAN’s innovative approach aims to change BTC mining. This shift towards decentralisation is pivotal for the long-term sustainability and security of the BTC network.

OCEAN’s Future Initiatives and Contributions

OCEAN isn’t planning to stop at the successful $6.2 million seed funding round; it outlines ambitious plans for future phases of BTC decentralisation improvements and upgrades scheduled for 2024. This commitment to continuous enhancement aligns with OCEAN’s dedication to advancing the decentralisation agenda within the BTC mining space. The platform positions itself not just as a momentary disruptor but as a long-term contributor to the development of BTC’s infrastructure.

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The Broader Context of the Mining Industry

To appreciate OCEAN’s significance fully, one must understand the broader context of the BTC mining industry. Recent initiatives, such as DEMAND’s launch of the first BTC mining pool operating on Stratum v2, indicate a growing momentum toward bolstering the decentralisation of the BTC mining ecosystem. 

OCEAN’s approach aligns with this trend and positions itself as a frontrunner in driving positive change within the industry. The platform’s success could set a precedent for future innovations in the mining sector. Moreover, with the recent announcement of OCEAN securing a $6.2 million seed funding round, the platform is well-positioned to further its mission and contribute significantly to decentralised mining.

Jack Dorsey’s Ongoing Commitment to Bitcoin

Jack Dorsey’s commitment to the cryptocurrency space is not a recent development. His active advocacy for BTC, contributions to the BTC Lightning Network, and financial commitment to projects like Brink underscore his steadfast dedication.

Under what is being termed the “Jack Dorsey Commitment”, a total of $5,000,000 has been pledged to support the advancement of the BTC protocol over five years, with an annual allocation of $1 million. Dorsey’s commitment to bolstering BTC’s development is evident in these initiatives, reflecting his belief in the cryptocurrency’s potential to revolutionise the financial industry.

Closing Remarks

The $6.2 million seed funding round for OCEAN, led by Jack Dorsey, marks a significant milestone in the ongoing efforts to decentralise BTC mining. OCEAN’s mission to provide transparency, autonomy, and non-custodial solutions to miners aligns with the evolving needs of the cryptocurrency community. OCEAN represents a beacon of change, challenging the status quo and contributing to the broader narrative of a decentralised and resilient financial future powered by blockchain technology. 

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