Ocean, a stealth Bitcoin startup, is hosting a one-day event today in South Carolina where it will unveil new technology aimed at decentralizing Bitcoin mining.
The one-day event will bring together several industry leaders to discuss the topic, including Block CEO Jack Dorsey, longtime Bitcoin developer Luke Dashjr, and others. The event is hosted by a local Bitcoin mining facility.
The topic is well known given that mining has become a highly centralized industry in recent years, not necessarily because of the ownership of the actual mining hardware being concentrated, but because of central trust. in large mining pools to actually coordinate with other miners.
This poses a problem on several fronts. Pools that hold miners’ funds give them the ability to withhold payments and force actual miners to behave or act in a certain way. The two largest pools require KYC information before allowing one to mine with them. Large pools can actively censor transactions if they choose, or are mandated by governments, using the hashrate of their customers.
Pools are an essential piece of the Bitcoin network, because without them the only option is solo mining. This means irregular and random payments that are unpredictable and make planning a business with high capital very risky.
However, Dorsey’s attention to the subject, although famous, is not new. As recently as April, Dorsey announced that Block is turning its attention to Bitcoin mining, buying Bitcoin mining chips as it seeks its own entry into the sector. Dorsey has been public about his interest in the issue since 2021.
It remains to be seen what solution Ocean will unveil, whether Block will be involved, or whether Dorsey or Dashjr will play a specific role in the startup.
For more details, Ocean’s livestream will begin at 10:30 am EST and will be live on Bitcoin Magazine’s X, Rumble, and YouTube channels.