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 a host of industry leaders to discuss the topic, including Block CEO Jack Dorsey, long-time Bitcoin developer Luke Dashjr, and others. The event is being hosted by a local Bitcoin mining facility.
The topic is of note given that mining has become a heavily centralized industry in recent years, not necessarily due to the ownership of actual mining hardware being concentrated, but because of the central dependency on large mining pools to actually coordinate with other miners.
This presents a problem on multiple fronts. Pools custodying miners funds gives them the ability to withhold payments and coerce actual miners to behave or act a certain way. The two largest pools require KYC information before allowing someone to mine with them. Large pools can actively censor transactions if they choose, or were mandated to by governments, using the hashrate of their customers.
Pools are a necessary piece of the Bitcoin network, as without them the only option is solo mining. This means very infrequent and random payouts that are highly unpredictable and make planning a high capital business very risky.
Still, Dorsey’s attention to the topic, while notable, is not new. As recently as April, Dorsey has hinted that Block was turning its attention to Bitcoin mining, purchasing Bitcoin mining chips as it sought its own entrance into the sector. Dorsey has been public about his interest in the issue since as far back as 2021.
It remains to be seen what solution Ocean will unveil, whether Block will be involved, or if Dorsey or Dashjr will have any specific role at the startup.
For more details, Ocean’s livestream begins at 10:30 am EST and will be live on Bitcoin Magazine’s X, Rumble, and YouTube channels.