Blockchain & Crypto

Jack Dorsey Backs Decentralized Bitcoin Mining Project In $6.2M Seed Round

Former Twitter (now X) chief, current Block CEO and avid Bitcoin supporter Jack Dorsey became one of the main investors in a $6.2M seed funding round for OCEAN, a decentralized crypto mining pool startup.

Jack Dorsey Backs Decentralized Bitcoin Mining Project In $6.2M Seed Round

One of the most fervent blockchain and crypto supporters in the world of fintech, Jack Dorsey has led a $6.2 million seed funding round that will fuel the launch of OCEAN, an initiative of Wyoming-based Mummolin, Inc, aiming to decentralize Bitcoin mining on a global scale.

Among institutional investors supporting the project, there’s Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and the Bitcoin Opportunity Fund.

The OCEAN mining pool is described by its founders as a transparent and non-custodial platform where miners receive block rewards directly from Bitcoin transactions and independently perform block template construction. That eliminates the influence traditional pools have on miners, being able to withhold payments if needed, and censor transactions.

“As we stand today, Bitcoin is not a censorship resistant network, rather it just happens to be a network that is not currently being censored. As with other forms of centralization (hardware, firmware, …), the role of mining pools must change for Bitcoin to exist as a truly decentralized currency.”

Luke Dashjr, Mummolin co-founder

The project team also claims to give miners full visibility into block templates, generation payouts, miner stats, and other relevant information.

After the successful completion of a seed funding round, the OCEAN initiative aims to launch with basic functions, striving to roll out additional phases of Bitcoin decentralization improvements and upgrades in 2024.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.