Draft:OCEAN (Bitcoin mining pool)
Submission declined on 25 September 2026 by Helpful Raccoon (talk).
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Submission declined on 23 September 2026 by Helpful Raccoon (talk). This draft appears to contain text generated by a large language model (such as ChatGPT). You cannot use LLMs to generate, draft, or rewrite article content.
Please delete the portions which were LLM-generated, and summarize in your own words a range of independent, reliable, published sources that discuss the subject. If you have used an LLM but you believe that your use is covered by one of the two exceptions (basic copyediting and translation between two languages in which you are fully fluent), please provide a transcript of the prompt(s) you used while writing your draft (see the how-to guide). Reviewers can make mistakes. If you have not received any LLM assistance, you may seek a second opinion at the AfC Help Desk. See the advice page on large language models for more information.This draft's references do not show that the subject meets Wikipedia's criteria for inclusion for organizations and companies. The draft requires multiple published secondary sources that:
Declined by Helpful Raccoon 12 days ago.
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Comment: No coverage outside the ecosystem of unreliable crypto outlets, and even that coverage is mostly routine reporting. For clarification: Government documents are primary sources, the Princeton book does not mention OCEAN, and Tech Times is unreliable (and only briefly mentions OCEAN). Helpful Raccoon (talk) 20:21, 25 September 2026 (UTC)
- Comment: Crypto-oriented sources are generally considered unreliable/non-independent on Wikipedia Helpful Raccoon (talk) 01:02, 23 September 2026 (UTC)
| OCEAN | |
| Type | Private |
| Industry | Cryptocurrency, Bitcoin mining |
| Founded | 2023 |
| Founders | Luke Dashjr Mark Artymko Ian Northon |
| Headquarters | , United States |
| Key people | Mark Artymko (President) |
| Products | OCEAN Mining Pool, DATUM Protocol |
| Parent | Mummolin, Inc. |
Bitcoin Ocean, LLC, a subsidiary of Mummolin, Inc., is an American Bitcoin software and services company founded in 2023. Co-founded by Bitcoin Core developer Luke Dashjr, the company saw itself as a successor to his early Bitcoin mining pool, Eligius. The company operates a mining pool under the OCEAN brand, publishes mining software, and sees itself as a promoter of Bitcoin decentralization. After the failure of the BIP-110 protocol proposal, Dashjr left the company in August 2026. OCEAN lists Jack Dorsey as a lead investor in its seed funding round.
History
[edit]Background and founding
[edit]From its start in 2009, the Bitcoin network has offered its own cryptocurrency to the single operator (a "miner") who composes, proposes, and solves each in a chain of randomized cryptographic puzzles.[1][2][3] As the number of Bitcoin miners grew, they began to pool their computing and share their rewards to make their earnings more predictable.[4] Luke Dashjr, a Bitcoin Core developer,[5] operated Eligius, an early pooling system, between 2011 and 2017.[6][7][8] By November 2023, 56% of Bitcoin computing power (hashpower) was controlled by two large mining pools.[9]
On March 3, 2023, Mummolin, Inc. was founded by Luke Dashjr, Mark Artymko, and Ian Northon.[10][11] Its stated goal was to promote the "decentralization" of the Bitcoin network by launching a pool, and providing software, and promising greater member autonomy.[12][13] Mummolin is incorporated in Wyoming, and its subsidiary Bitcoin Ocean, LLC was also formed there.[10][14][7]
On November 28, 2023, Mummolin announced the launch of OCEAN, its pool, and a US$6.2 million seed financing round led by Jack Dorsey, and naming Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and the Bitcoin Opportunity Fund as other investors.[12][13][6] Dorsey stated that his investment was intended to counteract mining pool centralization.[12][13]
In November 2023, OCEAN acted to filter out non-financial content from blocks using its standard templates,[5][15] but when it mined its third block (823,129), this choice cost its pool 0.144 BTC (about 2% of the available reward).[16] Following a backlash against the policy, in December 2023 OCEAN began letting miners choose among block templates, including an unfiltered Bitcoin Core option, while keeping a filtering template as its default and charging a 2% pool fee on the unfiltered option.[17][7] TheMinerMag later reported that the filtering policy had been rescinded.[15]
In May 2024, OCEAN established business development operations in El Salvador.[18][19]
DATUM and Tether deployment (2024–2025)
[edit]In late September 2024, OCEAN launched DATUM (Decentralized Alternative Templates for Universal Mining), Bitcoin operations software that allows local construction of block templates while pooling network rewards.[20][21][22]
On April 14, 2025, Tether announced that it would route its existing and future mining hashrate to OCEAN across its operations.[23][15][5]
BIP-110 and the chain split (2026)
[edit]In 2025, Luke Dashjr helped draft, and then promoted, Bitcoin Improvement Proposal 110 (BIP-110),[24][25][26] a proposal to restrict non-financial data, such as pictures and text, in Bitcoin transactions.[27] OCEAN mined the first block signaling for BIP-110 in March 2026,[28][24] and made signaling the default for its miners in July 2026.[29][30] BIP-110 needed 55% of blocks in a two-week period to activate; support never exceeded 3%.[31][27]
When mandatory signaling took effect on August 8, 2026, nodes enforcing BIP-110 diverged onto a minority chain and stalled.[31][27] For about 18 hours, what OCEAN described as a configuration error sent some miners who had chosen the main chain to the stalled minority chain instead.[25] Following a decline of about 96% in pool size and customer complaints, OCEAN restored standard routing and pledged about 0.3 BTC in rebates to cover the rewards those miners lost.[25][32][26]
Leadership change and restructuring (2026)
[edit]On August 10, 2026, Dashjr announced a leave of absence.[11] On August 29, a joint statement announced Dashjr's formal resignation as chairman, chief technology officer, and board director, with Mummolin repurchasing all of his shares.[33][34] Dashjr announced plans for an independent project, CONVOY, while OCEAN continued operations under Artymko.[35][34][36] Artymko said the OCEAN pool would remain dedicated to the standard SHA-256 Bitcoin network and retain its existing engineering team, including Jason Hughes.[36]
In September 2026, Mummolin announced that Bitcoin Ocean, LLC had completed SOC 1 Type 2 and SOC 2 Type 2 compliance examinations.[37]
References
[edit]- ↑ Nakamoto, Satoshi (October 31, 2008). "Bitcoin: A Peer-to-Peer Electronic Cash System" (PDF). §6 Incentive. Retrieved September 24, 2026.
starts a new coin owned by the creator of the block
- ↑ Narayanan, Arvind; Bonneau, Joseph; Felten, Edward; Miller, Andrew; Goldfeder, Steven (February 9, 2016). "Chapter 2: How Bitcoin Achieves Decentralization". Bitcoin and Cryptocurrency Technologies (PDF) (Draft). p. 62. Retrieved September 24, 2026.
a payment to the node in exchange for the service of creating a block
- ↑ Das, Lipsa (January 3, 2024). "The Bitcoin Genesis Block Was Mined 15 Years Ago: What Is It and Why Is It Significant?". Unchained. Retrieved September 24, 2026.
Nakamoto used a CPU to mine the Genesis Block and received 50 Bitcoin
- ↑ Narayanan, Arvind; Bonneau, Joseph; Felten, Edward; Miller, Andrew; Goldfeder, Steven (February 9, 2016). "Chapter 5: Bitcoin Mining". Bitcoin and Cryptocurrency Technologies (PDF) (Draft). pp. 150–151. Retrieved September 24, 2026.
- 1 2 3 Kuhn, Daniel (April 14, 2025). "Tether backs OCEAN mining pool created by controversial Bitcoin Core developer". The Block. Retrieved September 23, 2026.
- 1 2 Dalton, Mike (November 28, 2023). "Decentralized Bitcoin mining pool OCEAN raises over $6M in seed funding". CryptoSlate. Retrieved September 23, 2026.
a successor to the Eligius Bitcoin mining pool that ran between 2011 and 2017
- 1 2 3 "OCEAN innovates: Bitcoin miners offered first ever choice in block template construction" (Press release). Mummolin, Inc. December 21, 2023. Retrieved September 23, 2026 – via PR Newswire.
operated by Bitcoin Ocean, LLC, a subsidiary of Mummolin, Inc., a Wyoming corporation
- ↑ Narayanan, Arvind; Bonneau, Joseph; Felten, Edward; Miller, Andrew; Goldfeder, Steven (February 9, 2016). "Chapter 5: Bitcoin Mining". Bitcoin and Cryptocurrency Technologies (PDF) (Draft). p. 155. Retrieved September 24, 2026.
- ↑ Redman, Jamie (November 16, 2023). "Critics Alarmed as 2 Major Mining Pools Dominate Over 50% of Bitcoin Hashrate". Bitcoin.com News. Retrieved September 24, 2026.
Together, these pools exert a 56% influence
- 1 2 "Mummolin, Inc. – Filing Information". Wyoming Secretary of State. March 3, 2023. Filing ID 2023-001232737. Retrieved September 23, 2026.
Filing Date 03/03/2023
- 1 2 Redman, Jamie (August 11, 2026). "Luke Dashjr, Comms Chief Step Away From Dorsey-Backed Mining Pool Ocean". Bitcoin.com News. Retrieved September 23, 2026.
co-founded by Dashjr, Mark Artymko, and Ian Northon
- 1 2 3 "Jack Dorsey Leads Seed Round in Support of OCEAN's Mission to Decentralize Bitcoin Mining Globally – Announces Launch at Future of Bitcoin Mining Conference" (Press release). Mummolin, Inc. November 28, 2023. Retrieved September 23, 2026 – via PR Newswire.
OCEAN is solving a problem for Bitcoiners that I think all of us feel
- 1 2 3 Hunt, James (November 29, 2023). "Jack Dorsey leads $6.2 million seed round for decentralized Bitcoin mining pool OCEAN". The Block. Retrieved September 23, 2026.
set against the backdrop of a 150-year-old repurposed hydroelectric dam in rural South Carolina
- ↑ "Bitcoin Ocean, LLC – Filing Information". Wyoming Secretary of State. November 21, 2023. Filing ID 2023-001364254. Retrieved September 24, 2026.
Formed in Wyoming
- 1 2 3 Zhao, Wolfie (April 14, 2025). "Tether to Back OCEAN Pool with Current, Future Bitcoin Hashrate". TheMinerMag. Retrieved September 23, 2026.
That policy was later rescinded.
- ↑ Van Straten, James (December 27, 2023). "Ocean mining pool achieves 525 Ph/s hash rate after third Bitcoin block win". CryptoSlate. Retrieved September 24, 2026.
The filtering cost them ~0.144 BTC in fees
- ↑ Shinobi (December 22, 2023). "Ocean Adds Block Template Selection Option". Bitcoin Magazine. Retrieved September 24, 2026.
a 2% pool fee will be attached to their contributions to the pool
- ↑ Toppa, Sabrina (May 30, 2024). "New bitcoin mining pool backed by Twitter's Jack Dorsey launches in El Salvador". TheStreet. Retrieved September 23, 2026.
announced this week it is launching a new hub in El Salvador
- ↑ "OCEAN Establishes Global Hub in El Salvador" (Press release). OCEAN. May 29, 2024. Retrieved September 23, 2026 – via ACCESSWIRE.
which will function as the company's international hub of business development
- ↑ "OCEAN Restoring Bitcoin Mining Decentralization—pointing the way forward with DATUM" (Press release). OCEAN. September 29, 2024. Retrieved September 23, 2026 – via News Direct.
Jason Hughes, VP of Engineering at OCEAN and author of the DATUM codebase
- ↑ "datum_gateway: Decentralized Alternative Templates for Universal Mining". GitHub. Bitcoin Ocean, LLC. Retrieved September 23, 2026.
The real miner is always whoever is running the Bitcoin node.
- ↑ van Wirdum, Aaron (September 30, 2024). "Ocean's DATUM Is Tackling Bitcoin's Most Pressing Problem". Bitcoin Magazine. Retrieved September 23, 2026 – via Nasdaq.
to select the transactions they include in the blocks they find
- ↑ "Tether to Deploy Hashrate on OCEAN, Advancing Decentralized Bitcoin Mining Infrastructure" (Press release). Tether. April 14, 2025. Retrieved September 23, 2026.
its intention to deploy both existing and future hashrate on OCEAN
- 1 2 Rutherford, Mark (July 14, 2026). "BIP-110 Falls Flat: What Zero Miner Support Reveals About Bitcoin Governance". Tech Times. Retrieved September 24, 2026.
first circulated under the name BIP-444 in October 2025
- 1 2 3 Zimwara, Terence (August 10, 2026). "OCEAN Pledges BTC Refunds After Chain-Split Error". Bitcoin.com News. Retrieved September 23, 2026.
some miners to unknowingly mine on the stalled BIP-110 chain for roughly 18 hours
- 1 2 Okoth, Lockridge (August 10, 2026). "Bitcoin Killed the BIP-110 Fork: Breakaway Coin by September 1?". BeInCrypto. Retrieved September 23, 2026 – via Yahoo Finance.
Its reported hashrate has since collapsed 96%.
- 1 2 3 Malwa, Shaurya (August 9, 2026). "Controversial Bitcoin fork BIP-110 mines two blocks, then stops". CoinDesk. Retrieved September 23, 2026.
has produced just two blocks roughly eight hours after going live
- ↑ Crawley, Jamie (March 2, 2026). "Battle for Bitcoin's soul opens as first block supporting 'clean-up' proposal is mined". CoinDesk. Retrieved September 23, 2026.
first block signaling support ... was produced by mining pool Ocean
- ↑ Malwa, Shaurya (August 10, 2026). "This bitcoin miner rejected BIP-110 despite mining through a pool that supported it". CoinDesk. Retrieved September 23, 2026.
had switched miners to signal for BIP-110 by default in July
- ↑ Heine, Josh (July 9, 2026). "What Is BIP-110? Bitcoin's Data-Limit Proposal and Why It Failed". Simple Mining. Retrieved September 23, 2026.
switched connected miners to signal by default on July 15
- 1 2 Abrams, Zack (August 8, 2026). "Bitcoin's BIP-110 supporters split onto minority chain as main network pulls ahead". The Block. Retrieved September 23, 2026.
just 51 blocks signaled support, equal to 2.53% of the 2,016 blocks
- ↑ Redman, Jamie (August 9, 2026). "Roughnecks Quits BIP-110 Mining as Ocean Hashrate Collapses". Bitcoin.com News. Retrieved September 23, 2026.
Ocean hashrate fell from about 36 EH/s to 1.25 EH/s
- ↑ "Joint Statement of OCEAN and Luke Dashjr" (Press release). Mummolin, Inc. August 29, 2026. Retrieved September 23, 2026 – via PR Newswire.
the Company has repurchased all of his equity
- 1 2 Liam "Akiba" Wright (August 30, 2026). "Veteran Bitcoin developer Luke Dashjr exits OCEAN pool – Will hash power follow him to new pool?". CryptoSlate. Retrieved September 23, 2026.
OCEAN still represented 2.45% of trailing-day blocks after buying out its co-founder
- ↑ Rodrigues, Francisco (August 31, 2026). "Luke Dashjr exits mining pool Ocean after split over Bitcoin mining's future". CoinDesk. Retrieved September 23, 2026.
They did not disclose the value of the equity buyback
- 1 2 "Ocean President Mark Artymko On Mining Pool's Path Forward After Luke Dashjr's Exit". Simply Bitcoin. September 1, 2026. Retrieved September 23, 2026.
Ocean is staying on SHA-256 and isn't backing a fork.
- ↑ "OCEAN Earns SOC 1 and SOC 2 Type 2 Attestations, Bringing Independent Assurance to Permissionless Bitcoin Mining" (Press release). Mummolin, Inc. September 15, 2026. Retrieved September 23, 2026 – via PR Newswire.
has successfully completed SOC 1 Type 2 and SOC 2 Type 2 examinations
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