Twitter's Founder Dorsey Invests Millions in Decentralized Bitcoin Mining

Jack Dorsey, the founder of Twitter and Block, has proposed significant initial investments to support OCEAN, an innovative project with the goal of revolutionizing Bitcoin mining worldwide. The funding aims to launch OCEAN, the first enterprise in a series of initiatives aiming to decentralize Bitcoin mining.

Developed by Bitcoin Core developer Luke Dashjr, OCEAN stands out as a pioneering force in the industry. The developer emphasizes a critical paradigm shift towards true decentralization of Bitcoin, stating that "the role of mining pools must change." The project's core principle is to redefine the concept of mining pools by providing network participants the ability to regain their independence. Unlike traditional pools that exclusively hold rewards for blocks, this new initiative will become the first pool not tied to custody, ensuring miners receive rewards for new blocks directly from Bitcoin.

Jack Dorsey sees this project as a solution to the growing threat of centralization in BTC mining pools. The entrepreneur highlights that OCEAN addresses a common issue in the crypto community, emphasizing its positive impact on the broader Bitcoin ecosystem. Earlier this year in October, Dorsey introduced another Bitcoin-related innovation, specifically in data storage—a cold wallet named BitKey. The idea aims to solve a well-known problem by eliminating any intermediaries for users dealing with their crypto assets.