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Mummolin, Inc. has secured $6.2 million in seed funding for its project called OCEAN, which aims to decentralize Bitcoin mining globally. The funding round was led by Block CEO Jack Dorsey and received support from notable entities such as Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and the Bitcoin Opportunity Fund. OCEAN seeks to disrupt the traditional mining pool model, which has been criticized for promoting centralization. The project, spearheaded by Bitcoin Core developer Luke Dashjr, introduces a new type of pool that allows miners to receive block rewards directly from Bitcoin, eliminating the need for custodial payouts. This approach aims to increase transparency and reduce the influence of mining pools. Jack Dorsey’s involvement in the project is seen as a significant endorsement, as he believes OCEAN addresses the issue of further centralization in Bitcoin mining. The initiative has already attracted its first customer, Barefoot Mining, which considers it a groundbreaking announcement in the Bitcoin world. OCEAN’s launch comes at a time when the BTC mining landscape is dominated by centralized pools, and the company’s entry into the space signifies a growing trend towards diversification and decentralization. OCEAN plans to introduce further phases of Bitcoin decentralization improvements and upgrades in 2024.