Jack Dorsey invests in OCEAN, which promotes decentralized Bitcoin mining

Direct distribution of mining rewards

On the 28th, the American company Mummolin announced that it has raised $6.2 million (approximately 910 million yen) for its project “OCEAN”, which aims to decentralize Bitcoin mining.

Jack Dorsey was the lead investor in this round, with participation from strategic partners including Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and Bitcoin Opportunity Fund.

OCEAN, a Bitcoin mining decentralization project proposed by Moomolin, is characterized by the direct distribution of block rewards to miners.

Traditional mining pools typically hold exclusive custody of block rewards and transaction fees before distributing them to miners. As a result, payments to individual miners could be withheld depending on operator wishes or legal requirements.

However, OCEAN’s non-custodial pool eliminates this risk by paying block rewards directly to miners, removing any undue influence pools have over miners. OCEAN’s approach eliminates intermediaries as much as possible, positioning it as an uncontrolled pool where miners can receive block rewards directly.

“OCEAN aims to address a challenge faced by many Bitcoiners: the centralization of mining pools and protect the attributes that are important to Bitcoin,” said Jack Dorsey.

OCEAN started operating in late October and has 117 miners at the time of writing. The total mining amount has reached 348,326 BTC. The project diverts excess energy from a hydroelectric dam in South Carolina to Bitcoin mining. In 2024, we plan to announce the next stage of Bitcoin’s further decentralization and upgrades.

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Jack Dorsey’s efforts

Mr. Dorsey is also known as a supporter of Bitcoin (BTC), and has a history of contributing to the spread and development of Bitcoin through his own business and personal activities. Dorsey calls Bitcoin “the native currency of the internet,” and he has vowed that it will make the world more open and free.

Cash App, a money transfer app run by Block Inc., an American fintech company of which he is CEO, has been offering users the ability to purchase Bitcoin for several years. It also offers payment options using Bitcoin and the option to receive coins through the Lightning Network. Block’s Bitcoin sales fee revenue increased 22% in Q3 2023 due to the recent rise in Bitcoin prices.

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