Jack Dorsey Leads $6.2M Investment in Decentralized Bitcoin Mining Pool OCEAN

Jack Dorsey Leads $6.2M Investment in Decentralized Bitcoin Mining Pool OCEAN

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by Chimamanda U. Martha · 3 min read
Jack Dorsey Leads $6.2M Investment in Decentralized Bitcoin Mining Pool OCEAN
Photo: TED Conference / Flickr

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

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.

In a press release published on November 28, the company said it had completed its seed funding round that saw contributions from Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and the Bitcoin Opportunity Fund.

OCEAN, the Bitcoin Mining Decentralization Project

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.

Furthermore, Dashjr revealed that OCEAN will enable miners to receive new blocks directly from Bitcoin, making it the most transparent and the only non-custodial pool in existence.

“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’s Crypto Commitments

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.

“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,” said Dorsey.

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.

The Block CEO, who ran Twitter before billionaire tech mogul Elon Musk acquired it, is working with his team to provide innovative solutions to enhance the Bitcoin Lightning network and improve blockchain scalability and decentralization.

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