Jack Dorsey wants to decentralize Bitcoin mining with new investment

Twitter (now X) co-founder and Bitcoin (BTC) advocator Jack Dorsey is backing a caller BTC mining excavation to assistance miners regain power of artifact rewards and transaction fees.

Dorsey has led a $6.2 cardinal effect circular for Mummolin, the genitor institution of the caller decentralization Bitcoin mining excavation called Ocean, according to an announcement connected Nov. 29.

The effect backing volition enactment the motorboat of Ocean, which is designed to decentralize and reshape the process of Bitcoin mining. The mining excavation specifically aims to supply much mining process transparency and alteration miners to person artifact rewards straight from Bitcoin alternatively than from BTC mining pools.

Luke Dashjr, Mummolin co-founder and long-time Bitcoin Core developer, believes that the relation of mining pools indispensable alteration for Bitcoin to beryllium arsenic a genuinely decentralized currency.

“Ocean is simply a caller benignant of excavation that enables miners to beryllium genuinely miners again. We are launching arsenic the astir transparent excavation and besides the lone noncustodial excavation wherever miners are the recipients of caller artifact rewards straight from Bitcoin,” Dashjr stated.

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Mummolin co-founder and president Mark Artymko stressed that accepted BTC mining pools instrumentality exclusive custody of artifact rewards and transaction fees earlier distributing them among miners. “This gives them the quality to withhold outgo from idiosyncratic miners, whether by their ain prime oregon by ineligible requirement,” Artymko said, adding:

“OCEAN's non-custodial payouts straight to miners from the artifact reward region this hazard and the pool's undue power implicit miners.”

Committed Ocean protagonist Dorsey is assured that the level volition lick the occupation of further centralization of pools and mining pools that could plague Bitcoin. He noted:

“When I spot a task that is bully for Bitcoin broadly, and that's besides bully for maine and my companies personally, it becomes a elemental determination for maine and I'm blessed to beryllium a portion of it.”

The motorboat of Ocean was announced astatine the Future of Bitcoin Mining Conference successful the shadows of Barefoot Mining’s 150-year-old hydroelectric dam successful agrarian South Carolina. Barefoot Mining, the archetypal lawsuit of Ocean, has afloat repurposed the dam, converting excess vigor to Bitcoin mining astatine scale.

Ocean's motorboat comes 139 days earlier Bitcoin's 4th halving event, expected to hap connected April 17, 2024. After the halving, the existent 6.25 mining reward per artifact volition driblet to 3.125 BTC, importantly decreasing incentives for Bitcoin miners.

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