Jack Dorsey, Supports BTC's New Mining Pool "Ocean"

Jack Dorsey, supporting a new BTC mining pool (photo: x @jack)

JAKARTA - Twitter founder (now X) and Bitcoin supporter Jack Dorsey, supports a new BTC mining pool to help miners regain control over block prizes and transaction fees.

Dorsey led an initial funding round of $6.2 million for Mummolin, the parent company of a new decentralized Bitcoin mining pool called Ocean, as announced on November 29.

The initial fund will support the launch of Ocean, which is designed to decentralize and reshape the Bitcoin mining process. The mining pool specifically aims to provide more transparency in mining processes and allow miners to receive block prizes directly from Bitcoin than from BTC mining pools.

Ian Northon, co-founder and chief legal officer at Mummolin, said that the money raised would be used for general corporate purposes. "Our stamp labels are private, but we are proud to have some OG Bitconers and other Bitcoin thought leaders who support this project," Northon said, quoted by VOI from Cointelegraph.

"Our payment system, TideS, stands for Transparent Index of Destination Extended Shares, which we think is an improvement and improvement in PPLNS and much better than FPPS, especially in terms of mining transaction cost income," he said.

Luke Dashjr, co-founder of Mummolin and developer of the veteran Bitcoin Core, believes that the role of mining pools should change so that Bitcoin can exist as a truly decentralized currency.

"Ocean is a new type of pool that allows miners to become true miners again. We launch as the most transparent pool and also the only non-custodial pool where miners are recipients of new block prizes directly from Bitcoin," said Dashjr.

As a supporter of Ocean, Dorsey believes that the platform will resolve further centralization issues from pools and mining pools that could disrupt Bitcoin.

"When I look at the project that is good for Bitcoin at large, and also good for me and my companies personally, it is a simple decision for me and I am happy to be a part of it," Dorsey said.

Ocean's launch was announced at the Bitcoin Mining Future Conference in the shadow of a 150-year-old Barefoot hydroelectric dam in rural South Carolina. Barefoot Mining, Ocean's first client, fully reuses the dam, converts excess energy into Bitcoin mining on a large scale.

Ocean launches 139 days before the fourth Bitcoin halving event, scheduled for April 17, 2024. After halling, current mining prizes of 6.25 BTC per block will drop to 3.125 BTC, reducing incentives for Bitcoin miners