On Nov 28, Bitcoin Core developer Luke Dashjr introduced OCEAN mining, a decentralized Bitcoin mining pool that raised $6.2M in a round led by Jack Dorsey. OCEAN aims to restore miners’ autonomy, countering the centralization risks posed by current mining pools and the outdated Stratum V1 protocol.
Bitcoin mining currently relies on pooled mining, where miners contribute their hashrate to a pool. Luke argues that the centralization of pool operators jeopardizes Bitcoin’s security, turning pools into custodial entities. OCEAN, a Wyoming-based company co-founded by Luke, seeks to address these issues.
As a non-custodial pool, OCEAN requires only a Bitcoin address for participation and is the successor to the zero-fee Eligius pool, operated by Luke from 2010-2017. OCEAN has successfully mined two blocks with a hash rate of approximately 422.8 Ph/s, emphasizing transparency by displaying node policies on its website.
Concerns arose regarding OCEAN’s handling of on-chain inscriptions. However, it’s clarified that due to OCEAN’s use of the Knots bitcoin node software, certain transactions exceeding the default data size limit are excluded from mined blocks.
Looking ahead, OCEAN plans to transition to Stratum V2, enabling Lightning Network payouts and empowering miners to make intelligent decisions on node software and block template construction. The company’s 2024 focus includes leveraging and improving Stratum V2 and implementing Lightning payouts to address small miners’ challenges, promising a positive shift in the decentralized mining landscape.
By FCCT Editorial Team
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