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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
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  • Web 3
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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

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    how NFTs became a global brand and a Web3 “social currency”

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Labubus have succeeded in every way that NFTs have failed

    Labubus have succeeded in every way that NFTs have failed

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    NFT sales surge to $574 million in July, second-highest in 2025

    NFT sales surge to $574 million in July, second-highest in 2025

    Crypto Scammer Gets Prison Time for Swiping NFTs, Coins via Hacked X Accounts

    Crypto Scammer Gets Prison Time for Swiping NFTs, Coins via Hacked X Accounts

    CryptoPunks price surges to $200k, $PUNKS loaner Gondi accused of facilitating chandelier bids

    CryptoPunks price surges to $200k, $PUNKS loaner Gondi accused of facilitating chandelier bids

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    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

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    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    Early Off the Grid Skin Holders Are Cashing In – Will You?

    Early Off the Grid Skin Holders Are Cashing In – Will You?

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

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Home Mining

Decentralized Bitcoin mining pool OCEAN raises over $6M in seed funding

November 29, 2023
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Decentralized Bitcoin mining pool OCEAN raises over $6M in seed funding
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OCEAN, a new decentralized Bitcoin mining pool, announced that it had raised $6.3 million in seed funding from various sources on Nov. 28. The seed funding round is notably led by Jack Dorsey, co-founder and CEO of Block Inc. and also a co-founder and former CEO of Twitter/X.

Dorsey said in a statement:

“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.”

Other contributors to the seed round include Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and the Bitcoin Opportunity Fund.

OCEAN is operated by Mummolin, Inc., a company that describes itself as a successor to the Eligius Bitcoin mining pool that ran between 2011 and 2017. Luke Dashjr, who currently serves as the co-founder of Mummolin Inc., also created Eligius, which was intended to provide a decentralized approach to Bitcoin mining.

OCEAN announced the news at the Future of Bitcoin Mining Conference on Nov. 28. Though the pool appears to be operational, the company said it will launch new decentralization improvements and upgrades in 2024.

Few decentralized mining pools exist

Bitcoin mining pools allow individual miners to combine their computing resources and collectively compete with larger mining firms that dominate the practice.

Though numerous Bitcoin mining pools exist, not all mining pools use reward structures that allow for direct payouts. Mummolin co-founder and President Mark Artymko explained that traditional mining pools collect block rewards and transaction fees before distributing them to miners, introducing the possibility of withheld payouts.

See also  Bitfufu Reports Q3 Revenue Increase of 47.5% Year Over Year

OCEAN, by contrast, will rely on non-custodial payouts that are sent to participating miners directly from block rewards. OCEAN also offers some additional transparency features, which are detailed in more detail on its website.

While OCEAN is leading in this new direction, it is not alone. Other initiatives, like Foundry USA Pool, use a non-custodial escrow process for mining reward payouts. Proposals for federated mining pools or “fedipools” also exist.

Posted In: Bitcoin, Mining

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