It has been revealed the fact that Jack Dorsey started a funding round to decentralize Bitcoin mining. Check out the latest reports about the matter below.
Jack Dorsey kicks off funding round to decentralize BTC
Jack Dorsey, the billionaire and co-founder of Block, has taken the lead in a new funding round. The objective of the funding round is to decentralize Bitcoin (BTC) mining ecosystem.
The press release indicates that Dorsey has headed a seed funding round amounting to $6.2 million.
This funding round is aimed at supporting the launch of OCEAN, Mummolin’s decentralized BTC mining protocol.
“Mummolin, Inc., announced today that it has raised $6.2 million in seed funding, led by Jack Dorsey, Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, the Bitcoin Opportunity Fund, and other strategic partners.
The seed funding will support the launch of OCEAN, the first of many mining decentralization projects for Bitcoin.”
According to Dorsey, OCEAN is a mining protocol for BTC that is permissionless, non-custodial and transparent. The protocol aims to solve the issue of Bitcoin mining pools becoming increasingly centralized.
As stated by Dorsey in the press release,
“OCEAN is solving a problem for Bitcoiners that I think all of us feel – further centralization of pools and mining pools that could plague Bitcoin, and how that risks a bunch of Bitcoin attributes that we hold dear.
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.”
Luke Dashjr, the founder of Ocean and a well-known personality in the Bitcoin community, recently announced that the OCEAN protocol will allow miners to receive block rewards directly from BTC.
This marks a significant change in the mining landscape as OCEAN is a new type of pool that aims to restore the traditional role of miners.
Unlike other pools, OCEAN is transparent and non-custodial, which means that miners will receive the new block rewards directly from Bitcoin.
