Jack Dorsey wants to decentralize Bitcoin mining with new investment

[HmmMAA]

Not sure if it's making any sense to me! The mining pool always gets a percentage of the reward. Is the new mining pool not going to take it? I don't think so.

If the mining pool is not going to keep any percentage of the reward, that will be something new. But if that is not changing, I am not sure what Jack Dorsey is aiming to do with it.

They won't get a reward for 2 months . After that who knows .

To make it worth everyone's effort to switch, OCEAN will be at 0% for the first 2 months of operation. After that we will need to introduce fees, but they will be kept reasonable and fair for all sizes of miners.

https://ocean.xyz/about

[NotATether]

Is it necessary though? We need more profitable mining pools, not a new profit-sharing scheme. I don't see how this will solve any of the existing problems, for example, if F2Pool who has 30% hashrate starts censoring transactions [oh wait... they did], or if Marathon suddenly gets a good % and decides to restart their OFAC enforcement program.

[casperBGD]

Is it necessary though?
~snip

this seems as most important question
is it necessary, and what existing problem will this solve

competition in mining business is certainly a good thing, and decentralized providers should be encouraged to join, but they should find a way to offer better options for existing miners that are joining pools, rather than to seek support just because they have decentralized in name
having 0% commission for 2 months is a good start, but more is needed to have meaningful mining power routed in their direction

[franky1]

Is it necessary though?
~snip

this seems as most important question
is it necessary, and what existing problem will this solve

competition in mining business is certainly a good thing, and decentralized providers should be encouraged to join, but they should find a way to offer better options for existing miners that are joining pools, rather than to seek support just because they have decentralized in name
having 0% commission for 2 months is a good start, but more is needed to have meaningful mining power routed in their direction

0% fee for two months is meaningless

250PH out of 500,000ph is 0.05%   or in block terms. for every 2000blocks ocean may solve 1
2000 blocks is a fortnight.. so basically only 4 rewards are fee free

[kryptqnick]

I wish Jack remained the leading figure of Twitter, to be honest. I understand that he's now moving on to new things, but I think they'll be significantly less impactful. Raising millions sounds like a big deal, but is that truly enough for such an ambitious project?
To me, it looks more like a small thing that will provide an alternative for miners, but won't change the overall climate. The idea sounds cool, but I'm just not sure that the scale of the project, considering the budget, is anywhere enough to actually reshape Bitcoin mining.

[_act_]

Honestly, I still don't understand how the distribution of rewards will work well and how investors will get rewards fairly, it still makes me confused. I will continue to follow Jack Dorsey's plans further.

It will only be in a decentralized way, but all other things we be like it supposed to be (like the fee that should be paid to the mining pool will still be paid) but just that the mining reward and the transaction fee reward will not first be earned by the mining pool but be distributed to miners in a decentralized way. Although, how this would be done is what I do not know because the address mining reward is sent to has to be controlled by someone, like the mining pool which will have the private key.

[Die_empty]

Useless. Bitcoin mining is decentralized as it is, I don't see any need for it to be "more decentralized" cause the current setup's already working so well for the miners. and I know the miners would agree with me on this one as well. I'm all for innovation and all that stuff but in this case there's nothing to be innovated, and it just feels like Jack's trying to reinvent the wheel when it's already turned for decades without any issues. The introduction of a new mining system into the mixture will just make stuff even more complicated not only for the miners, but for everyone, as the crypto industry's highly dependent on these people for their transactions to go through. So yeah, this is a common Jack Dorsey L for me.

I don't think it is totally a useless idea because it has both advantages and disadvantages. Before now mining pools could withhold the payment of miners for any reason because block reward and transaction fees are collected by mining pools and distributed to individual miners. But Jack Dorsey's mining pool, Ocean will make individual miners receive payments or block rewards directly from Bitcoin without any intermediary mining pool. That's not a bad idea. But Bitcoin is fine without this so-called decentralised Bitcoin mining, we don't even need this service because mining is already decentralised. However decentralising the payment system is not a bad idea, at least miners will receive block rewards faster and more conveniently.

Everyone now wants to associate with Bitcoin because of its recent performance and adoption. Even those who talk down of the Bitcoin project are gradually investing in the sector. This is a good representation of the saying that "success has many friends". Everybody is now talking about Bitcoin to gain popularity or increase traffic. Maybe Dorsey is looking for cheap publicity and he wants to use Bitcoin to gain attention.  

[Ojima-ojo]

Bitcoin in itself is decentralized, nothing is bad if the mining also becomes decentralized as well, but then, It is important to consider the miners as well, in the end, they are the ones who will be paying huge electricity bills, as well as other expenses that are involved in the process of bitcoin mining.
If decentralizing bitcoin mining is profitable for the miners, then I believe this project will be successful, but then, if it means that the miners wil be mining at a loss, I see no way this project is going to last after launch, but anyways, fingers crossed by the way.