Wyoming, USA-based bitcoin mining software company Mummolin raised USD 6.2 million in funding. The company announced the fundraise on November 28, 2023. Jack Dorsey, Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, the Bitcoin Opportunity Fund, and other strategic partners led the financing for the company.
Purpose of financing for Mummolin
With the latest proceeds from the seed funding, the company seeks to support the launch of OCEAN, the first of many mining decentralization projects for Bitcoin.
What the company’s official has to add
Long-time Bitcoin Core developer and Mummolin co-founder Luke Dashjr said, “The role of mining pools must change for Bitcoin to exist as a truly decentralized currency. OCEAN is a new type of pool that enables miners to be truly miners again. We are launching as the most transparent pool and also the only non-custodial pool where miners are the recipients of new block rewards directly from Bitcoin.”
In addition, Mummolin co-founder and President Mark Artymko said, “Traditional Bitcoin mining pools take exclusive custody of block rewards and transaction fees before splitting them up amongst miners. This gives them the ability to withhold payment from individual miners, whether by their own choice or by legal requirement. OCEAN’s non-custodial payouts directly to miners from the block reward remove this risk and the pool’s undue influence over miners.”
OCEAN’s Global Head of Sales, the pseudonymous Bitcoin Mechanic, further said, “The intention is to disintermediate to the greatest extent possible. Pools have become trusted third parties whose permission we have required for activating soft forks and deciding what gets into the blockchain in addition to taking custody of all newly generated coins.” “By offering transparency and a mechanism for miners to be paid directly by Bitcoin itself, we make the network radically more robust. The name OCEAN intentionally contrasts with the restrictive, permissioned nature of legacy pools.”
What the investors and customers have to comment
Jack Dorsey said, “Our contribution to OCEAN comes out of a deep respect for their mission. I think it’s a phenomenal team. I know Luke; I’ve interacted with him for some time, and I was inspired by the vision and, most importantly, the execution. OCEAN is solving a problem for Bitcoiners that I think all of us feel – further centralization of pools and mining pools that could plague Bitcoin and how that risks a bunch of Bitcoin attributes that we hold dear. When I see a project that is good for Bitcoin broadly, and that’s also good for me and my companies personally, it becomes a simple decision for me, and I’m happy to be a part of it.”
Besides, OCEAN’s first customer, Barefoot Mining, said the following via its co-founder & CEO, BobBurnett, “In my opinion, this is the most significant new company announcement in the Bitcoin world over the past few years. The new pool will bring new features and some badly needed diversity to the mining world.”
Luke Dashjr and Mark Artymko lead the Oceam company. Ocean empowers miners to take back control of the intelligent parts of mining. The design is a non-custodial, transparent, and permissionless project of its parent company, Mummolin, Inc., a Wyoming corporation and a successor to the Eligius Bitcoin mining pool, which operated from 2011 to 2017.
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