OCEAN (Bitcoin mining pool)
| Company type | Mining pool |
|---|---|
| Headquarters | San Salvador, El Salvador |
Key people | Luke Dashjr, Co-Founder; Jack Dorsey, Seed funder |
OCEAN is a Bitcoin mining pool released in November 2023 with the stated goal of decentralizing Bitcoin mining by giving miners the ability to select or construct their own block templates, reducing reliance on centralized pool operators.[1][2] It was co-founded by former Bitcoin-Core developer Luke Dashjr and financially backed by Jack Dorsey, who led the seed investment round.[3][4]
Mission and structure
[edit]OCEAN describes itself as a "permissionless," "non-custodial," "radically transparent" mining pool since it is open-source and allows direct payouts to miners based on hash rate without requiring a central pool operator.[3] The pool is also non-KYC, meaning that miners do not have to divulge personal information to participate.[5] The company launched publicly at the Future of Bitcoin Mining Conference held in South Carolina in November 2023.[3] In May 2024, OCEAN established its global headquarters in San Salvador, El Salvador,[6] citing alignment with the country's supportive stance on Bitcoin and favorable regulatory environment.[7][8] OCEAN also stated that, "El Salvador will be the 'global hub of business development'" for the company.[8]
Decentralization features
[edit]OCEAN claims that a central feature of its protocol's design is that it allows for miners to construct or select their own block templates, a function that was traditionally managed exclusively by the pool operator.[2] This change was intended to reduce the concentration of power in mining pools and restore more control to individual miners over which transaction are included in blocks.[9]
OCEAN claims that this model enhances transparency and decentralization by ensuring that transaction selection is not solely determined by a central authority within the pool. By eliminating custodianship of rewards and shifting block template construction to the miners directly, OCEAN aims to prevent the kind of centralization that some critics believe undermines Bitcoin's decentralized ethos.[10]
References
[edit]- ^ "OCEAN innovates: Bitcoin miners offered first ever choice in block template construction". CBS 42. December 21, 2023.
- ^ a b "Jack Dorsey Leads Seed Round in Support of OCEAN'S Mission to Decentralize Bitcoin Mining Globally - Announces Launch at Future of Bitcoin Mining Conference". KXAN. November 28, 2023.
- ^ a b c "Jack Dorsey Leads Seed Round in Support of OCEAN'S Mission to Decentralize Bitcoin Mining Globally - Announces Launch at Future of Bitcoin Mining Conference". www.prnewswire.com. November 28, 2023. Retrieved 2025-06-08.
- ^ Toppa, Sabrina (2024-05-30). "New bitcoin mining pool backed by Twitter's Jack Dorsey launches in El Salvador". The Street. Retrieved 2025-06-08.
- ^ Ward, Susie Violet. "Jack Dorsey Backs Ocean In Shifting Toward Decentralized Bitcoin Mining". Forbes. Archived from the original on 2025-06-03. Retrieved 2025-06-08.
- ^ "OCEAN Establishes Global Hub in El Salvador". Yahoo! Finance. May 29, 2024.
- ^ "Ocean Mining Establishes Global Headquarters in El Salvador". El Salvador in English (in Spanish). May 29, 2024. Retrieved 2025-06-08.
- ^ a b Bastardo, Javier. "New Bitcoin Mining Firm Sets Up Headquarters In El Salvador". Forbes. Archived from the original on 2025-02-03. Retrieved 2025-06-08.
- ^ Khalil, Abubakar Nur. "OCEAN Aims To Further Bitcoin Mining Decentralisation In 2024". Forbes. Retrieved 2025-06-08.
- ^ admin (2024-01-02). "OCEAN innovates: Bitcoin miners offered first ever choice in block template construction". FF News | Fintech Finance. Retrieved 2025-06-08.