Crypto mining startup OCEAN raised over $6 million from Jack Dorsey and other backers to improve the decentralization of the Bitcoin ecosystem.
Decentralized Bitcoin (BTC) mining pool OCEAN, a subsidiary of Mummolin Inc., has raised $6.2 million in a seed funding round led by Jack Dorsey.
According to a press release dated November 28, 2023, the round was also led by other investors such as Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and Bitcoin Opportunity Fund.
According to Mummolin co-founder Luke Dashjr, Ocean represents a new type of pool that allows miners to “be real miners again.”
“We launched as the most transparent pool and also the only non-custodial pool where miners receive new block rewards directly from Bitcoin.”
Lucas Dashjr
According to Jack Dorsey, the startup aims to solve the problem of centralization of Bitcoin mining pools, which poses the risk of affecting the entire network.
“OCEAN is solving a problem for Bitcoiners that I think we’re all feeling: greater centralization of pools and mining pools could impact Bitcoin, and how that puts a lot of Bitcoin attributes that we hold dear at risk.”
Jack Dorsey
OCEAN is said to launch new phases of Bitcoin decentralization features in 2024. Meanwhile, Bitcoin mining companies are redoubling their efforts to expand resources ahead of the next halving in 2024, which will reduce the reward of miners from 6.25 BTC per block to 3,125 BTC.
As previously reported by crypto.news, Bitfarms Ltd., a Canadian Bitcoin mining company, entered into a private placement deal with US institutional investors to raise approximately $44 million. This strategic agreement involves the issuance of more than 44 million common shares at 99 cents each, along with warrants for the purchase of additional shares.
