Bitcoin: OCEAN mining project raises $6M from Jack Dorsey

Jack Dorsey – Credit: Shutterstock

Mummolina startup co-founded by renowned developer Luke Dashjr and who wants decentralize the bitcoin mininghas just completed a round of financing from 6.2 million dollars led by Twitter co-founder Jack Dorsey.

For Luke Dashjrthe role of mining pools needs to change so that Bitcoin exists as a truly decentralized currency”.

It was with this in mind that the long-time Bitcoin Core developer created the startup Mummolin which aims to offer a new type of pool enabling miners to “become real miners again”.

We are launching as the most transparent pool and also the only non-depository pool where miners receive new block rewards directly from Bitcoin,” said Dashjr.

On Tuesday, his startup announced that it had raised $6.2 million in a funding round led by pro-Bitcoin entrepreneur Jack Dorsey and including participation from Complice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital and Bitcoin Opportunity Fund.

Our contribution to OCEAN stems from a deep respect for their mission. I think they’re a phenomenal team. I know Luke; I’ve been interacting with him for a while and I was inspired by the vision and especially the execution,” commented Jack Dorsey.

For the co-founder of Twitter (renamed X by Elon Musk) and Block, OCEAN solves the problems of “increased centralization” of mining pools that “could harm Bitcoin”.

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Bitcoin mining pools typically retain block rewards and transaction fees before distributing them among participants. OCEAN thus intends to offer “non-depository payments” to miners.

According to the release, Mummolin will use the funds to support the launch of OCEAN.

Earlier this year, Luke Dashjr reported that 216 bitcoins had been stolen.

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