–News Direct–
OCEAN [link], the Bitcoin mining pool backed by Jack Dorsey and spearheaded by longtime Bitcoin Core developer Luke Dashjr, released its latest innovation offering miners payouts over the Bitcoin Lightning network using cutting edge Lightning tech BOLT12. Lightning is a network that sits on top of Bitcoin enabling higher throughput of transactions at lower cost. Lightning allows users to have hundreds or even thousands of interactions while carrying out fewer base layer transactions, effectively solving the scalability problem that will help Bitcoin fulfill its potential as a secure, decentralized, peer to peer network.
According to OCEAN co-founder Luke Dashjr, Pools traditionally have held miners bitcoins like a bank, while on-chain Bitcoin transactions get increasingly expensive as the demand for Bitcoin rises. For small miners, the problem is exacerbated since in some cases the cost of the transaction fee is higher than the reward that they earn. This is unsustainable because it creates lock-in to custodial pools. OCEAN helps overcome this risk using Lightning. While not a nascent technology in Bitcoin, much of the development in Lightning has focused on infrastructure or rails upon which users can transact. OCEANs latest development solves a complimentary challenge by creating another path of liquidity from Bitcoin to miners.
Perhaps the most innovative part of OCEANs upgrade is BOLT12 integration. BOLT12 is a nextgen upgrade in Lightning which solves previous limitations that restricted Lightnings utility and adoption.
OCEAN is the first mining pool to use it, and has done so in an effort to respect the core tenets of decentralization and miner-sovereignty. Bitcoin Mechanic, Global Head of Sales for OCEAN, added, Using BOLT12 also allows us to prove to the world that a payment was made, the size of the payment, the node to which it was paid, and that it was paid by us. This means we can continue to offer fully transparent and verifiable pooled mining while no longer being restricted by the base layer.
Since its launch 5 months ago, OCEAN has created a paradigm shift in whats possible with mining pools, offering transparency, non-custodial mining rewards, permissionless access, and miner-chosen block templates; now with Lightning via BOLT12, miners can also get liquidity directly into a Lightning channel without having to rely on third party custodians. This latest announcement aligns with OCEANs overarching goal of increasing miners sovereignty while promoting greater transparency and decentralization in the world of Bitcoin mining.
About OCEAN:
OCEAN empowers miners to take back control of the intelligent parts of mining, and is designed to be non-custodial, transparent, and permissionless. OCEAN is operated by Bitcoin Ocean, LLC, a subsidiary of Mummolin, Inc., a Wyoming corporation and a successor to the Eligius Bitcoin mining pool which operated from 2011 to 2017. Learn more at www.ocean.xyz and follow us on X @ocean_mining.
Media Contact:
Ian A. Northon
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SOURCE: Mummolin, Inc.
Contact Details
Bitcoin Ocean
Ian A. Northon
View source version on newsdirect.com: https://newsdirect.com/news/ocean-innovates-bitcoin-miners-offered-first-ever-lightning-payouts-using-bolt12-946331135
Bitcoin Ocean,LLC
COMTEX_451609898/2655/2024-04-29T12:29:24