Block CEO Jack Dorsey Heads $6.2M Investment Round In Decentralized Bitcoin Mining Pool

Benzinga Neuro

November 28, 2023

Block Inc. (NYSE:SQ) CEO Jack Dorsey has led a seed funding round for Mummolin, Inc., a Wyoming-based company that aims to decentralize Bitcoin (CRYPTO: BTC) mining through its new initiative, OCEAN.

What Happened: As per a press release, Mummolin reported a successful $6.2 million seed funding round led by Dorsey. Other participants included investment groups like Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and the Bitcoin Opportunity Fund.

See Also: Ethereum Co-Founder Vitalik Buterin Thinks If AI Turns Against Us, It May ‘Well Leave No Survivors And End Humanity For Good’

The funds will be deployed to launch OCEAN, a platform designed to tackle the issue of centralization in Bitcoin mining pools – a concern that Dorsey and other investors believe could compromise the unique features of Bitcoin.

OCEAN stands out as the first transparent, non-custodial platform where miners receive block rewards straight from the Coinbase transaction, thereby eliminating the risk of traditional pools withholding miner’s payments.

"Traditional Bitcoin mining pools hold exclusive custody of block rewards and transaction fees before distributing them among miners. OCEAN's non-custodial payouts, directly from the block reward, eliminate this risk and reduce the pool’s undue influence over miners," said Mummolin co-founder and President Mark Artymko.

Primarily, the OCEAN team is focusing on three areas: centralization of block template construction, custodianship, and transparency. They aim to roll out further phases of Bitcoin decentralization enhancements and updates in 2024.

Read Next: Bitcoin, Ethereum, Dogecoin Dip Ahead Of Macro Volatility Triggers As November Ends: Analyst Predicts Ethereum To Rally Over 80% To $3600

Photo courtesy: TED Conference on Flickr

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