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

Engineered by Benzinga Neuro, Edited by Pooja Rajkumari

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Recommended

Crypto Stocks Surge Amid Market Boom - Ad

Did You See Trump's Bombshell Exec. Order 001? - Ad

Is This Defi Coin Your Next "10-Bagger" Investment? - Ad

Drones for commercial and recreational use have grown rapidly in popularity, despite restrictions on who can operate them and where they can be flown.

Why Cannabis Sales Are Down In Massachusetts And New Mexico: The Numbers Behind The Dip

Massachusetts' average revenue per dispensary dropped to $362k/month, down 8% year-over-year, in New Mexico sales went down 3% in November.The cannabis industry continues to show mixed results across key U.S. markets, with notable developments in California, Massachusetts, and New Mexico.

Gates-Backed Company Holds the Future of AI

Gates-Backed Company Holds the Future of AI - Ad

Bill Gates is making his next big bet. And this time, it's with artificial intelligence. Over the last several years, Gates has quietly invested more than $750 million into this technology. And he's not the only one. Warren Buffett, Peter Thiel, Jeff Bezos, and others are in on it too. In this new exposé, Porter Stansberry shares all the details.

EPA awards $144 million to California to phase out big diesel trucks

SAN FRANCISCO (AP) — The Environmental Protection Agency is awarding $144 million in grants to fund 13 projects in California to help the state wean off fossil fuels and phase out big rigs that run on diesel.

Robinhood Markets Grows Into 'Best-In-Class' Brokerage, Analyst Says

Analysts have updated coverage and raised price targets on Robinhood Markets after the company hosted its first investor day on Wednesday and showed significant growth across customers, assets under custody and trading volumes.

Caught On Camera (Shocking New AI Tech)

Caught On Camera (Shocking New AI Tech) - Ad

AI has already made 500,000 new millionaires over the past two years... The new AI tech you'll see in this video footage will change your life for the better, sooner than you might expect. It will have a bigger impact than the invention of the automobile, personal computer and iPhone, combined...

More than a million oven gloves are being recalled after consumers report 92 minor burns

NEW YORK (AP) — More than one million pairs of oven gloves are being recalled due to a burn hazard, after dozens of injury reports.

As data centers proliferate, conflict with local communities follows

ALEXANDRIA, Va. (AP) — Richard Andre Newman thought he would live the rest of his life in his quiet, leafy neighborhood in suburban . He was born and raised in Bren Mar Park, where children ride their bikes and neighbors wave hello.

The Next Big AI Opportunity Is Here

The Next Big AI Opportunity Is Here - Ad

AI stocks are revolutionizing public safety with cutting-edge technologies, and one company is leading the charge. With game-changing advancements in robotics and high-profile contracts already signed, this could be the next big winner. Want to know which AI stock could soar?

Police question man with gun thought to be similar to one used in killing of UnitedHeathcare CEO

NEW YORK (AP) — A man with a gun thought to be similar to the one used in the killing of UnitedHealthcare was taken into police custody Monday for questioning in Pennsylvania, a law enforcement official told The Associated Press.

This Mediterranean Restaurant Chain Acquired Kevin Miles-Led ZoÃ«s Kitchen In 2018. It Is Now Rising Fast As A Chipotle Killer: What's Making It Tick? (Updated)

CAVA Group's remarkable 268% stock surge, bolstered by its strategic acquisition of Zoës Kitchen and innovative fast-casual model, positions it as a strong contender to challenge Chipotle's dominance in the restaurant industry.

Wall Street Legend Issues Inauguration Buy Alert

Wall Street Legend Issues Inauguration Buy Alert - Ad

If you've underperformed this raging bull market, if you've lost money or missed out... this is your final chance to potentially profit.

Politics Halt Norwegian Deep-Sea Mining, Environmentalists Look Toward Japan

Norway stopped deep-sea mining due to political pressure and environmental concerns. Japan's aspirations and global regulations add to the debate.

UnitedHealthcare CEO's shooting opens a door for many to vent frustrations over insurance

For years, patients in the U.S. health care system have grown frustrated with .

Exposed: 3 Cent Crypto to Explode December 16th?

Exposed: 3 Cent Crypto to Explode December 16th? - Ad

Chris Rowe, the man who spotted 44 different coins that have returned over 100%, is now making the biggest crypto call of his ENTIRE career.... Because a powerful crypto event will trigger on December 16th... Sending hundreds of tiny cryptos soaring 5X, 50X, even 100X -- in just days.

Bitcoin SV Is Up 80% Over The Past Month: What's Going On?

Bitcoin's historic rise past $100,000 this week has sparked a surge of activity across the cryptocurrency market, bringing renewed attention to Bitcoin SV (CRYPTO:

Set Your Advisory Business Up For Success In 2025

Financial advisors must adapt to changes in the industry, including targeting younger clients and offering specialized services, to remain competitive.

Top Nasdaq and NYSE Stocks Alerts for 2024

Top Nasdaq and NYSE Stocks Alerts for 2024 - Ad

Forget fancy software. Top traders rely on free alerts that tell them when to jump on the next big trade. Straight to your phone. No guessing, no stress.

Wall Street's Most Accurate Analysts Give Their Take On 3 Financial Stocks Delivering High-Dividend Yields

These are often companies that have high free cash flows and reward shareholders with a high dividend payout.

Top 3 Risk Off Stocks That May Collapse This Month

Three stocks in the consumer staples sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

AI-Driven Security: A Market Set to Explode

AI-Driven Security: A Market Set to Explode - Ad

The future of AI is here, and it's in security robotics. One company is capitalizing on this growing demand, already securing major contracts and scaling rapidly. This could be the next big opportunity in AI. Want to know the details?

Cathie Wood Sees $400B Opportunity In Biologics -- How Have Her Bets Fared?

Cathie Wood, CEO of ARK Invest, is doubling down on biologics, seeing unprecedented potential at the intersection of artificial intelligence, genetic sequencing, and gene editing technologies.

Reddit Stock Gets Boost From Morgan Stanley: Analyst Sees 'Best In Class Growth'

Morgan Stanley upgrades Reddit stock to Overweight with $200 price target, citing potential for explosive growth and $300 bull case.

Crypto Stocks Surge Amid Market Boom

Crypto Stocks Surge Amid Market Boom - Ad

Crypto stocks are on fire as Bitcoin hits all-time highs. One under-the-radar company is leading the charge, managing $2.1 billion in client assets and seeing record trading volumes. With crypto adoption skyrocketing, this could be a game-changing opportunity.

Ripple CEO Brad Garlinghouse Admits $204M Crypto Super PAC Wouldn't Exist If Gary Gensler Wasn't The SEC Chair

Ripple CEO Brad Garlinghouse said on Sunday that the establishment of Fairshake, a cryptocurrency-focused super political action committee, was a direct response to the SEC’s approach toward the industry under Gary Gensler.

Apple Eyes Sony Partnership For Game-Changing Vision Pro Upgrade

Apple and Sony are reportedly joining hands to augment the gaming capabilities of the Vision Pro.

There's Only ONE AI Company That Matters

There's Only ONE AI Company That Matters - Ad

It's not Nvidia, AMD, IBM, or any new startup. It's not even an artificial intelligence company... yet it holds the key to the entire AI market. Get all the details of the critical technology that the entire AI sector needs to survive.

Taiwan Semiconductor Extends Lead As Top Chipmaker

Taiwan Semiconductor Manufacturing Co (NYSE:TSM) maintained its global wafer foundry business turf in the third quarter of 2024.

Zuckerberg Seeks 'Active Role' In Trump's Tech Policies, Says Top Executive â€” Admits Meta 'Overdid It' During Pandemic Content Crackdown

Meta CEO Mark Zuckerberg is aiming to play an active role in shaping U.S. technology policies under President-elect Donald Trump, while the company also works to refine its content moderation practices and continues to outperform financial expectations.

"This Will Be Worse Than the Great Depression, the Dot-Com Crash, and the 2008 Crisis Combined"

"This Will Be Worse Than the Great Depression, the Dot-Com Crash, and the 2008 Crisis Combined" - Ad

According to Dan Ferris, who has predicted nearly every major market crisis of the last 25 years, a new crisis in the US economy could soon cost you 50% of your portfolio or more if you don't prepare your wealth now. Especially if you're sitting on large gains.

Dogecoin's Whopping 60.9B Movement In 24 Hours: A Bullish Sign?

A whopping 60.9 billion Dogecoin (CRYPTO: DOGE) has been transacted in the past 24 hours, hinting at a possible bullish trend for the meme cryptocurrency.

Man accused of killing UnitedHealthcare's CEO shouts on way into courthouse and fights extradition

ALTOONA, Pa. (AP) — The man charged with murder in the killing of the made it clear he wasn’t going to make things easy on authorities, shouting unintelligibly and writhing in the grip of sheriff’s deputies as he was led into court and then objecting to being brought to New York to face trial.

AI Has Already Minted 500,000 New Millionaires in 2 Years...

AI Has Already Minted 500,000 New Millionaires in 2 Years... - Ad

If you missed out on the riches from AI the past 12 months, listen up: A brand new AI "wealth wave" is already hitting the markets... and could pay out even more than what we've already seen. There's still time to get into AI as an investor in this "Bot Com Revolution" and avoid getting left behind.

OpenAI's ChatGPT Makes Headway In Search, Threatening Google's Reign

ChatGPT is gaining traction in the online search market, potentially challenging Google's long-established supremacy.

SEC Approves America's First 24-Hour Stock Exchange â€” What It Means For You

U.S. regulators approved the nation's first 24-hour stock exchange on Wednesday, marking a significant shift in American securities trading as retail investors increasingly demand round-the-clock market access.

Has the Tech Stock Selloff Finally Arrived?

Has the Tech Stock Selloff Finally Arrived? - Ad

After soaring over 150% in 2024 alone... is it actually time to buy Nvidia? A 50-year Wall Street veteran gives his answer to Nvidia, right here...Including the name and ticker of one under-the-radar AI stock to buy instead of Nvidia... before Tuesday, December 3rd.

Adobe Charts Signal Strength: Analysts See 9.37% Upside Ahead Of Q4 Earnings

Adobe (ADBE) reports Q4 earnings after hours. Analysts expect $4.66 EPS and $5.54B in revenue. Stock down 12.33% in past year, up 18.46% in past 6 months.

Stop & Shop is using grocery store kiosks to make digital-only deals available to more customers

Regional supermarket chain said Wednesday that it would install kiosks in all of its U.S. stores to make digital-only coupons more accessible to customers.

Crypto Stocks Are Heating Up

Crypto Stocks Are Heating Up - Ad

At the center of this transformation is a game-changing platform that's experiencing explosive growth with $41 million in revenue in just nine months. The stock has doubled in the last 45 days, but this is only the beginning.

Morocco produces Africaâ€™s first mpox tests as the continent tries to rely less on imports

TAMESNA, Morocco (AP) — After African countries struggled to get testing kits during the COVID-19 pandemic, officials vowed to make the continent less dependent on imported medical supplies. Now, in a first for Africa, a Moroccan company is filling orders for tests as an outbreak continues.

Trending Now