Jack Dorsey, the Twitter creator who has been investing in and supporting cryptocurrencies for several years, is making his presence known again. This time his involvement is focused on decentralizing the Bitcoin mining process through a new investment.
Bitcoin with a new mining solution
Ocean, a project receiving $6.2 million in financial backing from Dorsey, is set to change the face of cryptocurrency mining by allowing miners to receive block rewards directly from Bitcoin itself. It’s a revolutionary approach that aims to reduce centralization in the field.
Mummolin, the parent company behind Bitcoin’s new decentralized mining pool, plans to use the funds raised to promote transparency in the mining process and enable direct payouts to miners. Ian Northon, one of the founders and a director at Mummolin, stressed that the goal of the project is to provide greater transparency throughout the mining process.
An important aspect of the new approach is the TIDES (Transparent Index of Distinct Extended Shares) payout system, which is intended to replace traditional methods such as PPLNS or FPPS, providing fairer distributions to miners in both block rewards and transaction fees.
Bitcoin’s decentralization is gaining traction
Luke Dashjr, co-founder of Mummolin and an experienced Bitcoin Core developer, expresses his belief that such a shift in the issue of mining pools is essential for Bitcoin to thrive as a decentralized currency. “Ocean is a new look at pools that gives miners full control. Our goal is to create the most transparent pool, free from any external control, where miners receive their rewards directly from Bitcoin,” – Dashjr explained.
The change that Ocean wants to make also refers to the elimination of the risks associated with the central control that traditional mining pools have so far exerted. Mark Artymko, co-founder and CEO of Mummolin, stressed that direct payments to miners eliminate the possibility of withholding payments from them, which was previously a problem.
Symbolism in the background
Jack Dorsey is convinced that such an innovative platform as Ocean will contribute to solving the problems of centralization in the world of cryptocurrency mining. His involvement in the project stems from both the benefits to Bitcoin itself and the benefits to his companies.
Ocean’s launch took place at the Future of Bitcoin Mining conference near Barefoot Mining’s 150-year-old hydroelectric dam in rural South Carolina. The iconic site envisions the use of surplus energy for large-scale Bitcoin mining.