This investment aims to propel the relaunched pool into the limelight. Positioning it as a non-custodial Bitcoin mining pool with a commitment to transparency and direct payments from the Bitcoin network.
The rebranding of Eligius Pool to OCEAN Pool is accompanied by a strategic shift in its approach to Bitcoin mining. Let’s discover more about this important news for Bitcoin mining.
Block Leads $6.2M Investment Round in Ocean Pool
OCEAN Pool positions itself as a pioneer in the non-custodial mining space. Emphasizing complete transparency in its operations and direct miner payments facilitated by the Bitcoin network itself.
NEW: Block CEO Jack Dorsey leads 💵 $6.2M investment round in Eligius Pool, relaunched as OCEAN Pool, a non-custodial #Bitcoin ⛏️ mining pool that claims to offer complete transparency into its operations and miner payments directly from the Bitcoin network pic.twitter.com/8iBgfmlCY1
— Bitcoin News (@BitcoinNewsCom) November 29, 2023
The $6.2 million investment, led by Jack Dorsey, signifies a strong vote of confidence in OCEAN Pool’s vision. Dorsey has consistently advocated for decentralization and transparency within the cryptocurrency ecosystem. This investment aligns with his broader commitment to fostering innovation and resilience in the world of digital finance.
More About Ocean’s Pools
OCEAN Pool’s unique value proposition lies in its non-custodial nature, a departure from the norm in the mining sector. By eliminating the need for a central authority to hold and distribute mining rewards, OCEAN Pool aims to enhance security, reduce counterparty risk, and offer miners a more direct and transparent compensation process.
This approach aligns with the principles of decentralization and self-sovereignty that underpin the ethos of Bitcoin and other cryptocurrencies.
Why mine with Ocean?
– 0% fees
– Bonus for first few blocks
– Permissionless
– Noncustodial payouts— OCEAN (@ocean_mining) November 29, 2023
The decision to leverage the Bitcoin network for direct miner payments is another aspect of OCEAN Pool’s strategy. By utilizing the native capabilities of the Bitcoin blockchain, OCEAN Pool aims to streamline the payment process.
Conclusions
As OCEAN Pool emerges with Jack Dorsey’s substantial investment backing, it has the potential to disrupt the traditional custodial model prevalent in Bitcoin mining.
Jack Dorsey’s strategic investment in OCEAN Pool signals a turning point in the evolution of Bitcoin mining. So, OCEAN Pool’s commitment to transparency and direct payments from the Bitcoin network positions it as a trailblazer in reshaping the dynamics of cryptocurrency mining for the better.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
