CHEYENNE, Wyo., Dec. 21, 2023 /PRNewswire/ — OCEAN [link], the new Bitcoin mining pool backed by Jack Dorsey and spearheaded by longtime Bitcoin Core developer Luke Dashjr, released the latest iteration of its innovative mining pool. Dubbed the “Path to Decentralization,” OCEAN’s rollout offers miners a choice of block template policies. This accelerates decentralization while gently reintroducing miners to the critical role of picking what belongs in blocks while not yet having to make these templates themselves. Over the next year, OCEAN will introduce ways for miners to perform more complex tasks while still enjoying the economics and low variance benefits of pooled mining.
According to co-founder Luke Dashjr, “Decentralized mining is necessary for Bitcoin‘s long-term health, and can only be maintained if miners do the intelligent parts of mining. This involves running nodes, constructing block templates, and independently deciding which transactions make it into the blockchain. This future state is in jeopardy and in stark contrast to the present reality where only a handful of pools make these decisions on behalf of all miners globally.”
The pseudonymous Bitcoin Mechanic, Global Head of Sales for OCEAN, added, “Block template construction has become so centralized that we can make significant progress towards improving things simply by providing a glimpse into the future. What OCEAN is offering by giving miners a choice of multiple templates is an unprecedented step in the right direction.”
For blocks constructed using the recommended template, OCEAN will incentivize miners with an extended 0% promotional rate. This option filters more spam and processes more real financial transactions than any other pool, helping address Bitcoin‘s latest wave of high transaction fees and congestion. OCEAN has also added two more options at market rates, including the popular Bitcoin Core implementation.
Since its launch last month, OCEAN has created a paradigm shift in what’s possible with mining pools. This includes (1) a permissionless onramp where miners can mine using simply a Bitcoin address [link], (2) a non-custodial system without middle-men, and (3) radical transparency in block templates [link], where for the first time miners can see what they are committing their hashrate to before they mine. This contrasts with the opaque block designs of incumbent pools where miners have no visibility into transactions until after the work has been done.
These elements align with OCEAN’s overarching goal of increasing miners’ sovereignty by disintermediating the roles of the pool operator and eliminating custodial intermediaries in the Bitcoin network. OCEAN’s “Path to Decentralization” announced today takes miner sovereignty to the next logical step.
OCEAN empowers miners to take back control of the intelligent parts of mining, and is designed to be non-custodial, transparent, and permissionless. OCEAN is operated by Bitcoin Ocean, LLC, a subsidiary of Mummolin, Inc., a Wyoming corporation and a successor to the Eligius Bitcoin mining pool which operated from 2011 to 2017. Learn more at www.ocean.xyz and follow us on X @ocean_mining.
Ian A. Northon