Decentralized Bitcoin Mining Pool OCEAN Raises Over $6 Million in Seed Funding
The funding round was led by Twitter founder Jack Dorsey, whose work has increasingly been devoted to web3 in recent years.
OCEAN, a new decentralized Bitcoin mining pool, announced that it had raised $6.3 million in seed funding from various sources on November 28.
The seed funding round is notably led by Jack Dorsey, co-founder and CEO of Block Inc. and also co-founder and former CEO of Twitter/X.
Dorsey said in a statement:
“Our contribution to OCEAN comes from a deep respect for its mission… OCEAN is solving a problem for Bitcoiners that I think we are all feeling: greater centralization of pools and mining pools that could affect Bitcoin, and how that puts at risk to a lot of Bitcoin. attributes that we appreciate.”
Other contributors to the seed round include Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and Bitcoin Opportunity Fund.
OCEAN is operated by Mummolin, Inc., a company that describes itself as the successor to the Eligius Bitcoin mining pool that operated between 2011 and 2017. Luke Dashjr, who currently serves as co-founder of Mummolin Inc., also created Eligius. which aimed to provide a decentralized approach to Bitcoin mining.
