Billionaire and Block co-founder Jack Dorsey is leading a new funding round that aims to decentralize the mining ecosystem of Bitcoin (BTC).
According to a new press release, Dorsey has led a $6.2 million seed funding round to support the launch of Mummolin’s decentralized BTC mining protocol OCEAN.
“Mummolin, Inc., announced today that it has raised $6.2 million in seed funding, led by Jack Dorsey, Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, the Bitcoin Opportunity Fund, and other strategic partners.
The seed funding will support the launch of OCEAN, the first of many mining decentralization projects for Bitcoin.”
According to Dorsey, OCEAN – a permissionless, non-custodial and transparent BTC mining protocol – aims to solve the problem of Bitcoin mining pools becoming increasingly centralized.
As stated by Dorsey in the press release,
“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.
When I see a project that is good for Bitcoin broadly, and that’s also good for me and my companies personally, it becomes a simple decision for me and I’m happy to be a part of it.”
OCEAN founder and Bitcoin “OG” Luke Dashjr says that the protocol will allow miners to once again obtain block rewards directly from BTC.
“OCEAN is 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.”
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Featured Image: Shutterstock/Eugenia Porechenskaya
