Twitter Founder Jack Dorsey Backs Decentralized Bitcoin Mining

Twitter founder Jack Dorsey has once again seemingly embraced digital assets as he has made a sizeable investment into a decentralized Bitcoin mining firm. Indeed, the co-founder of the platform now known as X led a $6.2 million funding round for the parent company of mining pool Ocean. The firm is working to enable miners to get block rewards from Bitcoin itself.

Dorsey is a well-known name in the tech space, mostly for his creation of Twitter. The social media platform became one of the most popular in the world under Dorsey’s direction. Yet, he sold the platform to Elon Musk in 2022 and has begun to carve out a space for himself within the digital asset sector.

Bitcoin Fees Hit 2022 High Following Ordinals Recent Surge

Also Read: Comparing Jack Dorsey’s Block vs. Elon Musk’s PayPal For Q2 2023

Jack Dorsey Makes Big Investment Into Decentralized Bitcoin Mining

The digital asset industry has long been a leader among the plethora of tokens available to consumers. However, the distance has begun to extend even further, as Bitcoin has spent 2023 establishing itself as the unquestioned top asset within the digital asset space. Now, a prominent figure in the tech space is taking a new approach to promoting that asset.

Indeed, Twitter founder Jack Dorsey has made a sizeable investment into a decentralized Bitcoin mining firm. Specifically, he led a funding round for Ocean, which is seeking to aid miners in regaining control of both block rewards and transaction fees.

Source: btcmanager.com

Also Read: Bitcoin Mining Targets 8% Global Emissions

“When I see a project that is good for Bitcoin broadly and that is also good for me and my companies personally, it becomes a simple decision for me,” Dorsey stated. Moreover, he expressed his excitement about the project. Specifically, he stated that he is “happy to be a part of it.”

The funding is set to support the launch of Ocean, and its hope to decentralize the Bitcoin mining practice. Moreover, the mining pool is designed to implement a more transparent mining process. Subsequently, the process will grant mainers rewards from Bitcoin itself, as opposed to BC mining pools.

  • bitcoin
  • Jack Dorsey

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