The decentralized Bitcoin mining pool named OCEAN completed a seed funding round of $6.2 million, led by billionaire Jack Dorsey. Other investors such as the Barefoot Bitcoin Fund, NewLayer Capital, and the Bitcoin Opportunity Fund also contributed to the collected $6.2 million investment.
It is known that traditional Bitcoin mining pools completely control the rewards and transaction fees obtained from blocks. These pools distribute the output values to miners according to their own determinations. This arrangement provides significant privileges, such as voluntarily withholding payments to miners or not paying them due to legal obligations.
OCEAN’s unregulated payment system could eliminate possible risks associated with the current traditional mining pools by directly distributing earnings to miners through block rewards, potentially protecting miners from undue influences.
The funds collected for the development of OCEAN are interpreted as the first step in a series of projects aimed at decentralizing Bitcoin mining.
Following the investment round, Jack Dorsey stated that he has deep respect for OCEAN’s mission and addressed the issue of increasing centralization of pools and mining pools that affect Bitcoin users. He expressed that when he sees a project being good for Bitcoin in general and also personally good for himself and his companies, it becomes a simple decision for him and he is pleased to be part of this project.