Kenne Michael 
Jack Dorsey, a billionaire, recently led a seed funding round in which decentralized Bitcoin mining pool OCEAN acquired an astounding $6.2 million.
The Bitcoin Opportunity Fund, Barefoot Bitcoin Fund, and NewLayer Capital are a few of the additional investors.
Decentralized Bitcoin Mining
Traditional Bitcoin mining pools generally maintain complete authority over block rewards and transaction fees, exercising discretion in redistributing them among miners.
However, this configuration additionally confers upon them the power to withhold payments from individual miners, whether due to voluntary compliance or legal obligations.
OCEAN’s non-custodial payout system directly distributes earnings from the block reward to miners.
As a result, the potential hazards linked to traditional pools are eradicated, thereby safeguarding miners against unwarranted sway from the pool.
The seed funding has been designated to support the launch of OCEAN, which serves as the preliminary endeavor in a series of initiatives designed to decentralize Bitcoin mining.
Luke Dashjr, co-founder of Mummolin and an experienced Bitcoin Core developer, further underscored the necessity for a shift in the function of mining pools to decentralize Bitcoin authentically.
Commenting on the development, Jack Dorsey stated:
“Our contribution to OCEAN comes out of a deep respect for their mission. OCEAN is solving a problem for Bitcoiners that I think all of us feel – further centralization of pools and mining pools that could plague Bitcoin, and how that risks a bunch of Bitcoin attributes that we hold dear. As part of the launch, Mr. Dorsey noted,” when I see a project that is good for Bitcoin broadly, and that’s also good for me and my companies personally, it becomes a simple decision for me and I’m happy to be a part of it. “
Jack Dorsey’s Admiration for Bitcoin
Jack Dorsey, who has been operating in the space for a considerable time, has been one of the biggest supporters of Bitcoin.
In addition, he and his team have been enhancing the Bitcoin Lightning network to increase the scalability of the blockchain.
Jack Dorsey, the founder of Twitter, has demonstrated his unwavering determination to promote the progress of the Bitcoin (BTC) protocol through a recent financial investment in Brink, a Web3.0 hub that provides support to developers operating on the network.
The disclosed financing commitment under the Jack Dorsey Commitment amounts to $5,000,000.
Additionally, the agreement stipulates that the disbursement will occur in five years, with $1 million being allocated annually.