Jack Dorsey Leads A Revolution In Bitcoin Mining With Ocean.

2 Dec 2023

Yesterday, while I was writing the article "Antpool Willing to Refund to User the $3.14 Million Fee They Paid in a Bitcoin Transaction", I remembered that I wanted to tell you about the revolution that Jack Dorsey intends to lead in Bitcoin mining, seeking decentralization as its main objective. But who is Jack Dorsey?, according to Wikipedia ".... is an American software developer and businessman, known for being one of the co-founders and CEO of Twitter, as well as as the founder and CEO of Square, a mobile payments company. In 2008, he was named to the Massachusetts Institute of Technology's TR356 as one of the top 35 innovators in the world under the age of 35. In 2012, The Wall Street Journal awarded him the technology “Innovator of the Year” award. He is currently CEO of Block Inc".

I should also add that Jack Dorsey is one of the most fervent defenders of Bitcoin, the most popular and valuable cryptocurrency in the world. He believes that Bitcoin has the potential to be the native currency of the Internet and also has the ability to empower people around the world.

But for Bitcoin to live up to the promises it was conceived to be by the person or group of people under the pseudonym Satoshi Nakamoto, he needs to solve some of its biggest challenges: scalability, security and sustainability. Taking into account that one of the most criticized aspects of Bitcoin is its mining process, which consists of solving complex mathematical problems to validate transactions and create new blocks.

It is an undeniable reality that Bitcoin mining consumes an enormous amount of energy, generating a great environmental impact and a high concentration of power in the hands of a few actors. According to some studies, Bitcoin's energy consumption exceeds that of many countries and more than 35.6% of its hash power comes from the United States (Kazakhstan: 17.8%, Russia: 11.4%, Canada: 10.3 %, Ireland: 5.1%, Malaysia: 4.9%, Germany: 4.6%).

To change this situation, Dorsey has decided to invest in the Ocean Platform, a decentralized, transparent and non-custodial Bitcoin mining project from the company Mummolin, Inc., where miners will receive block rewards without intermediaries (traditional mining pools: Antpool, F2Pool, Poolin, etc). According to Mark Artymko, co-founder and president of Mummolin "...Traditional Bitcoin mining pools maintain exclusive custody of block rewards and transaction fees before distributing them to miners. OCEAN non-custodial payments, directly from block reward, eliminate this risk and reduce the pool's undue influence on miners".

Ocean aims to democratize access to Bitcoin mining, allowing anyone to participate in the network and contribute to its security and decentralization. In addition, it seeks to promote the use of renewable and efficient energy sources for mining, such as solar, wind or hydroelectric energy. Dorsey has expressed his enthusiasm for the project on his Twitter account, where he wrote: "Raise. Decentralize". With these two words, Dorsey summarizes his vision of raising the level of Bitcoin and decentralizing its power.

Decentralized Bitcoin mining has several advantages, both for the network and for the participants, among the most notable are:

📌 Increased security and resistance of the network against possible attacks, since there is no single point of failure or control. Decentralized mining makes it difficult for an attacker to manipulate or censor transactions or blocks, or to monopolize the network's hashing power.

📌 Promoting the inclusion and participation of users in the network, allowing anyone to contribute to the maintenance and validation of the blockchain, without the need for intermediaries or large investments. Decentralized mining also encourages competition and innovation among miners, which can improve the efficiency and profitability of the activity.

📌 Significant reduction of the environmental impact of mining, allowing miners to choose cleaner and cheaper energy sources to power their equipment, allowing them to distribute them in different locations around the world, taking advantage of the most favorable climatic and geographical conditions. Decentralized mining can also encourage the development of renewable energies and the use of more efficient and ecological technologies.

In my humble opinion, decentralized Bitcoin mining is a way to preserve the original spirit of bitcoin, which is based on trust, transparency and collaboration between users. I would also like to know your considerations, I read them in the comments.


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💖 Originally Posted: Publish0x

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