Decentralized Bitcoin mining pool OCEAN raises $6.2m in seed round led by Jack Dorsey

Crypto mining startup OCEAN raised over $6 million from Jack Dorsey and other backers to enhance 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 on Nov. 28, 2023 the round was also led by other investors such as Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital and the Bitcoin Opportunity Fund.

As per Mummolin Co-Founder Luke Dashjr, Ocean represents a new type of pool that enables miners “to be truly miners again.”

“We are launching as the most transparent pool and also the only non-custodial pool where miners are the recipients of new block rewards directly from Bitcoin.”

Luke Dashjr

According to Jack Dorsey, the startup is aimed at solving a problem of Bitcoin mining pools’ centralization, which poses risks of plaguing the whole network.

“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.”

Jack Dorsey

OCEAN is said to launch new phases of Bitcoin decentralization features in 2024. In the meantime, Bitcoin mining companies are doubling down on their efforts to expand resources ahead of the upcoming halving in 2024, which will reduce miners’ reward from 6.25 BTC per block to 3.125 BTC.

As crypto.news earlier reported, Bitfarms Ltd., a Canadian Bitcoin mining company, initiated a private placement deal with U.S. institutional investors to raise approximately $44 million. This strategic deal entails the issuance of over 44 million common shares at 99 cents each, coupled with warrants for purchasing additional shares.