The decentralized Bitcoin mining pool Ocean has achieved a significant milestone this week by successfully mining its third block ever. This achievement demonstrates the capabilities of Ocean’s decentralized system, which aims to promote decentralization within the Bitcoin mining industry.
The Unique Approach of Ocean
Mononaut, a key figure at BitfeedLive, brought attention to Ocean’s distinctive mining approach after the milestone. Mononaut tweeted, “The block was constructed using their standard ‘filtered’ template, only containing 1 inscription and 54 op_returns (mostly Runes). The filtering cost them ~0.144 BTC in fees, which is an 11.03% reduction in fees or about a 2% reduction in total block reward.”
Ocean’s approach to mining sets it apart from traditional mining pools. They prioritize efficiency and cost reduction through their filtered template, resulting in a lower overall block reward.
The Need for Decentralization
The launch of Ocean mining was announced on November 28 by Bitcoin Core developer Luke Dashjr. This initiative is supported by notable figure Block Head Jack Dorsey and seeks to challenge the current norms of Bitcoin mining pools by promoting a more decentralized approach. Dashjr expressed concerns over the centralization and overreach of other pool operators, highlighting the high risk to Bitcoin’s security model.
He emphasized the custodial nature of current mining pools and their control over who can use Bitcoin, advocating for a change in the system. Ocean’s mission aligns with Dashjr’s concerns and aims to disrupt the current landscape of mining pools.
The Significance of Ocean’s Achievement
Ocean’s successful mining of block number 823,129 not only marks a numerical success but also underscores the potential and effectiveness of decentralized mining pools in the Bitcoin ecosystem. As the industry evolves, Ocean’s role and impact will be closely watched, particularly regarding the decentralization of mining and maintaining the integrity of the blockchain network.
