WY-based bitcoin mining software company Mummolin secures $6.2M in seed funding led by Jack Dorsey, Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, the Bitcoin Opportunity Fund, and other strategic partners.
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The seed funding will help OCEAN, the first of many Bitcoin mining decentralisation projects, get off the ground.
Long-time Bitcoin Core developer and Mummolin co-founder Luke Dashjr said, “The role of mining pools must change for Bitcoin to exist as a truly decentralized currency.” Put differently, “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.”
Mummolin co-founder and President Mark Artymko said, “Traditional Bitcoin mining pools take exclusive custody of block rewards and transaction fees before splitting them up amongst miners. This gives them the ability to withhold payment from individual miners, whether by their own choice or by legal requirement. OCEAN’s non custodial payouts directly to miners from the block reward remove this risk and the pool’s undue influence over miners,”.
OCEAN’s Global Head of Sales, the pseudonymous Bitcoin Mechanic, said this: “The intention is to disintermediate to the greatest extent possible. Pools have become trusted third parties whose permission we have required for activating soft forks and deciding what gets into the blockchain in addition to taking custody of all newly generated coins.” “By offering transparency and a mechanism for miners to be paid directly by bitcoin itself, we make the network radically more robust. The name OCEAN intentionally contrasts with the restrictive, permissioned nature of legacy pools.”
Barefoot Mining, said the following via its co-founder & CEO, BobBurnett, “In my opinion, this is the most significant new company announcement in the Bitcoin world over the past few years. The new pool will bring new features and some badly needed diversity to the mining world.”
About OCEAN
OCEAN is a permissionless, transparent, and non-custodial mining platform that offers miners the power to reclaim control over the intelligent elements of mining.
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The first of its parent firm Mummolin, Inc.’s (a Wyoming organisation) probably many projects, and a replacement for the Eligius Bitcoinmining pool, which ran from 2011 till 2017.
