On a mission to radically decentralize #Bitcoin mining #FutureOfBitcoinMining #MineTheOcean

Joined September 2023
Replying to @ocean_mining
@ocean_mining bringing the money bags💰to @btchelevent. Come to our booth to find out how much more money you could be making with OCEAN.
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Last year I wrote about a concept for pools and solo miners to reduce variance without the steep cost of FPPS. With our announced intent to open-source DATUM Prime early next year and collaborate with the SV2 community, this “DATUM Layer” idea is within reach.
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If Bitcoin is going to stand any chance at surviving long-term, decentralized mining is crucial.
OCEAN's next chapter Bitcoin mining and block template construction have become concentrated in a small number of pools. When a handful of operators can decide which transactions make it into blocks, Bitcoin's censorship resistance increasingly depends on their goodwill rather than the design of the network. That is a security problem. We exist to fix it. What we're building. We built DATUM to put block template construction back in miners' hands. It is open source on the client side and will be open source on the pool side early next year. We will continue our effort integrating Bitcoin’s Lightning Network, for trustless payouts and for encouraging compatibility with the best available standards, features, tools. We will work with miners, partners, other pools, and protocol developers (like SV2) to make decentralization a priority for the next era of Bitcoin mining. Building your own template, permissionlessly, provides sovereignty to miners. Freedom to choose which transactions to include empowers all miners to act as a gateway for the free market to Bitcoin's blockspace. And doing it all locally on your own node cuts down bandwidth requirements enormously, while the TIDES payment system provides more direct exposure to the upside. More independent miners, making more independent decisions, using less bandwidth, and earning more Bitcoin (3.6% more on OCEAN in 2025, to be precise). Where we stand. Our pool remains on SHA-256. We are not adopting any proof-of-work change. To our miners. Nothing changes for you. Service and support continue uninterrupted. Nacho Pauls remains your first point of contact. The next chapter starts now. Let’s build! 🌊
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Update on BIP110 reimbursements: The rebate we previously announced has now been paid at the best FPPS rate for the affected period. Transaction ID: 1f83d838b17b43b5504aa7823d6e89cf662ff0d261f4326041f741c9294d17eb Followup on BIP110 endpoint announcement: A clarification seems necessary about the announcement above, which some interpreted as the disclosure of some novel issue with hashrate distribution among the two competing chains during the recent BIP110 controversy and chain-split. It's not. The post is just a direct follow-up to the decision taken and publicly announced more than one month ago, about giving the few non-DATUM hashers (who still prefer to delegate block template creation to the pool operator, rather than taking control of it themselves, 4% of OCEAN’s hashrate) the same choice over BIP110 signaling as the DATUM miners (96% of OCEAN hashrate): xitter.cf/ocean_mining/status/20…. In that context, a choice was made to set the default Stratum endpoint to "pro-BIP". To be clear, this was not a statement of company advocacy for BIP110. At the time the decision was made, we were regularly hitting periods where more than 50% of OCEAN’s hashrate was actively signalling for BIP110, and we were fielding direct calls from customers telling us they were pro-BIP110 and asking how to signal. Setting the default accordingly was our attempt to have the endpoint at least resemble the expressed wishes of our own users at that moment. This choice of defaults was contested and somewhat controversial, but the main focus of the company was in giving all users a choice (which DATUM-wise was not a minor technical feat: some claimed it would have been impossible), and we were hopeful the number of users actually affected by the default would be minimal (even relative to the already small number of non-DATUM hashers). The way BIP110 unfolded confirmed this default choice as unfortunate, and the fact that some hashrate kept coming to that default endpoint, even after the BIP110 chain stalled out, seemed to corroborate that some hashers may have kept pointing to it due to a lack of information. That is why we processed the rebate above (some users who intentionally directed hashrate to the stalled chain may have also benefited from this, but our priority was to protect the uninformed ones).
Update for OCEAN miners: We want to clarify yesterday’s activity around the BIP-110 and non-BIP-110 mining options. For roughly 18 hours, some miners using OCEAN’s Stratum templates may have believed they were mining on the non-BIP-110 chain while their hashrate was directed to the BIP-110 chain. To eliminate any possibility that miners were disadvantaged, OCEAN will make a direct Bitcoin rebate payment to affected miners based on the rewards they would have earned on the non-BIP-110 chain during that window. Approximately 0.3 BTC will be distributed, with payments completed within the next 72 hours. We’ll publish the transaction details once the payments are sent. The default endpoint is now back on the non-BIP-110 chain. Both options remain available so every miner can choose where to direct their hashrate. Your hash. Your choice. 🌊
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COLDCARD Mk3 Security Advisory If you generated a seed on a Mk3 after firmware 4.0.1, your funds may be at risk. Mk4, Q and Mk5 are not affected based on our early analysis. Read the advisory and migrate carefully: blog.coinkite.com/coldcard-m…
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DATUM restores miner sovereignty by letting miners choose how they build their own blocks. Power to the miners. 💪
Today we had @MarkArtymko CEO of @ocean_mining join us and he explained how DATUM takes the power away from the mining pools and gives it back to miners, “including the ability to signal soft forks.” “If everybody’s working on a template that 3 companies decided where the correct template, then it’s really not decentralized.” Your Hash, Your Choice.
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OCEAN retweeted
Acabamos de encontrar un bloque. Just found a block. Big thanks to the @ocean_mining team for the great work you’re doing. More transparency, more sovereignty, more Bitcoin. Keep building. 🧡
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Electric space heaters fill a room with hot air that immediately cools in an endless cycle of wasted energy. Do the same thing with a Bitcoin miner and capture some of that value in the form of actual Bitcoin.
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.@Bitcoin_Lawyer closed out day 1 of @PlanBElsalvador in only a way a lawyer can with my favorite quote of the day: “You don’t want to do monthly AML/KYC on a space heater, you just don’t.” @ocean_mining is a permissionless mining pool. No account required. Plug it in and watch the sats flow. 🌊
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Congrats @gzanganeh, @Bit__Gio and @tether on open sourcing Mining OS and the Mining SDK. Establishing an industry standard with a holistic view of the stack, from miners and transformers to pools, makes a lot of sense. Excited to see adoption grow, and looking forward to DATUM integration with MOS.
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The 1000x play nobody saw coming. Enjoy the retirement, @BITVOLT. 🥤😂
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🚨 ZERO HOUR IN NAPLES The Bitcoin Day pre-show is officially LIVE. We’ve got @LukeDashjr, @SBakerMD, @natbrunell, @TheCoinDad, @HansonHash, and @mattyicesensei in the studio dropping straight signal. 👀 ALPHA ALERT: Use code MATTY ICE for 21% OFF your tickets. (This code expires TODAY. Do not sleep on this). BitcoinDay.io Watch the stream & secure your spot: 👇
ZERO HOUR: The Official Bitcoin Day Pre-Game (Live from Naples) xitter.cf/i/broadcasts/1MnxnPlwm…
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Replying to @ocean_mining
@ocean_mining Thanks Leo!!!!
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Booth upgrade complete. @LukeDashjr can now bilocate. @ocean_mining
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.@LukeDashjr absolutely crushing it in Dubai. @ocean_mining never sleeps, going to the ends of the earth to meet our miners where they’re at.
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That sure was an enthusiastic applause for @GrassFedBitcoin at @LuganoPlanB today. Gives me hope in bitcoiners 🙂
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A friendly reminder that miners on @ocean_mining make more Bitcoin. $235k to $1.1M more per EH per year, according to our miners. Interested to learn more? Let's chat.
For the past two years, OCEAN miners have reported making more money on OCEAN vs. FPPS pools. This is because we have some of the lowest fees in the business AND when you mine with OCEAN you get all of what you’re owed, without the shaving. With FPPS pools, miners are hedging out their variance to the pool, but there is no way for them to quantify the cost of that hedge because it’s bundled with the pool service. In our estimation, FPPS is unsustainable in high transaction fee environments and in the future all mining will transition to a model like ours where variance is shared across the ecosystem using DATUM, and miners get a bigger slice of the pie. Imagine what 1% to 5% more mining revenue could do for your bottom line. OCEAN Less fees. More Bitcoin.
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