New bitcoin Mining Technology Unveiled at Ocean Event in South Carolina

Today, at a one-day event in South Carolina, Ocean, a stealth bitcoin startup, is set to reveal new technology aimed at decentralizing bitcoin mining. The event will bring together industry leaders such as Block CEO Jack Dorsey and long-time bitcoin developer Luke Dashjr, among others. Hosted by a local bitcoin mining facility, the event will focus on the heavily centralized industry of mining in recent years.

Challenges of Centralized bitcoin Mining

Mining’s centralization has emerged not just from the concentration of mining hardware ownership, but also from the dependency on large mining pools to coordinate with other miners. Large pools have the capacity to hold miners’ funds, influence their behavior, demand KYC information, and potentially censor transactions if required. Pools play a crucial role in the bitcoin network, as solo mining is infrequent and unpredictable.

Jack Dorsey’s Interest in bitcoin Mining

Jack Dorsey’s involvement in the topic is not new. He has previously signaled Block’s interest in bitcoin mining, also expressing his concerns about the issue as far back as 2021. While it remains to be seen what role Block and Dorsey will have in Ocean’s unveiling of new technology, the event is expected to garner significant attention from the bitcoin community and beyond.

Where to Watch the Event

For those interested in learning more, Ocean’s livestream will commence at 10:30 am EST and will be accessible through bitcoin Magazine’s X, Rumble, and YouTube channels.

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By Team