By Susie Violet Ward · Forbes · 1 December 2023
In late 2023, a new bitcoin mining pool called OCEAN launched with $6.2 million in funding backed by Jack Dorsey and other strategic partners. Mining pools combine miners’ computing power so that blocks are found more regularly and rewards are shared, but the article notes concerns that the centralisation of mining pools could threaten bitcoin’s decentralised nature.
OCEAN was described as non-custodial, transparent and free of KYC requirements, paying block rewards directly to miners without the pool holding the bitcoin, which the article says reduced custody and regulatory risk. Luke Dashjr, co-founder of Mummolin, Inc., set out a vision for mining pools that support bitcoin’s decentralised ethos, and the pool offered Lightning Network payouts for smaller miners. The article also suggests that stronger decentralisation could support confidence in bitcoin and, potentially, its price.