Luke Dashjr launches Ocean to radically decentralize Bitcoin mining \ stacker news ~bitcoin

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Luke Dashjr launches Ocean to radically decentralize Bitcoin mining ocean.xyz/about

11.9k sats \ 53 comments \ @Rsync25 28 Nov 2023 bitcoin freebie

1264 sats \ 0 replies \ @nullama 28 Nov 2023

Note for small miners:

The payout minimum is 0.01048576 BTC, which might be a lot if you have a tiny miner.

The good news though, is that lightning payouts are planned for next year, which should allow you to get the payout eventually.

954 sats \ 0 replies \ @Murch 28 Nov 2023

Does anyone have a more comprehensive explanation how the payout scheme (TIDES) works? The website is a bit vague.

1115 sats \ 2 replies \ @elvismercury 28 Nov 2023

As for censorship, it is no longer a matter of actual resistance but merely if and when the pools choose to do it there are 11 entities who decide what transactions go in (or stay out) of almost every block, and simply the 2 largest can impose censorship on everyone else with 100% success. This is not some future risk but a present reality, and it's not sustainable if Bitcoin is to remain a permissionless currency.

As we stand today, Bitcoin is not a censorship resistant network, rather it just happens to be a network that is not currently being censored. As with other forms of centralization (hardware, firmware, ...), the role of mining pools must change for Bitcoin to exist as a truly decentralized currency.

1 sat \ 0 replies \ @garyKrause_ 30 Nov 2023

No source code viewable. Hard to analyze.

0 sats \ 0 replies \ @cyberpunk02 28 Nov 2023

Call to action!!!

977 sats \ 2 replies \ @BITC0IN 28 Nov 2023

no kyc,

non custodial.

lightning payouts coming soon.

22 sats \ 1 reply \ @OT 28 Nov 2023

LN payouts would be nice. I'd like to consider mining with an old S9

10 sats \ 0 replies \ @BITC0IN 28 Nov 2023

they have said they will still pay you out if you come in under 1 mill sats, it just may take a while, when fees are low with a batched transaction.

686 sats \ 2 replies \ @nullama 28 Nov 2023

This is cool. You can see the next block template.

It's attracting a lot of miners already, almost 100

0 sats \ 1 reply \ @premitive1 9 Dec 2023

how many miners are there?

0 sats \ 0 replies \ @nullama 9 Dec 2023

It says now 410 users, not sure how many miners.

352 sats \ 2 replies \ @designsats 28 Nov 2023

Question arises- why doesnt Braiins pool already operate like this.

10 sats \ 0 replies \ @fedelang 29 Nov 2023

Focus

0 sats \ 0 replies \ @piecover 29 Nov 2023

Yeah

302 sats \ 0 replies \ @031ca302ff 29 Nov 2023 freebie

I miss p2pool. Hopefully they will they let miners create their own block template, if desired, with SV2.

362 sats \ 2 replies \ @nout 29 Nov 2023

It will be interesting to see when will Ocean find a first block.

0 sats \ 1 reply \ @anon 29 Nov 2023

Here (https://ocean.xyz/dashboard ) it says they already found 11,631 blocks? I guess that's pre-announcement? Counting -50k blocks per year, this sounds like a lot, no? I'm probably misreading the website.

31 sats \ 0 replies \ @sudonaka 29 Nov 2023

Those are the stats from the OG gpu pool called Eligius https://ocean.xyz/about

292 sats \ 1 reply \ @bzzzt 28 Nov 2023

I kinda think large miners might be forced to stand up for their right to mine all transactions or die due to dwindling revenues as people eat at their margins around the edges.

0 sats \ 0 replies \ @fedelang 29 Nov 2023

Large miners probably receiving a cut from pool managers selling blockspace for dick picks out of band. My guess is that behind the scenes this is something that is already happening. I wouldn't dare to think large mining ops are stupid enough to let pools eat all the cake. Mid, small and micro miners are getting fucked over.

253 sats \ 2 replies \ @bzzzt 29 Nov 2023

Ill give it a go, love the idea and the spirit. My miners are pointed to this pool now :)

40 sats \ 0 replies \ @nikotsla 29 Nov 2023

This.

0 sats \ 0 replies \ @fedelang 29 Nov 2023

Just one thing all Coinbase in the first block is going to 37dvwZZoT3D7RXpTCpN2yKzMmNs2i2Fd1n

Will need to wait and see what happens.

161 sats \ 0 replies \ @Bitman 28 Nov 2023

Livestream has just finished...

All EST

10:30a Opening Remarks Mark Artymko, OCEAN 10:40a Is Bitcoin on a Path to Centralization? Giacomo Zucco 11:10a Energy Sovereignty Bob Burnett, Barefoot Mining 11:40a Hyper Decentralization, Open Source, and Home Mining Moderator: Bitcoin Mechanic Panelists: Thomas Templeton (Block), Skot9000 (BitAxe), Zach Bomsta (Unbound Networks), John Stefanopolous (FutureBit) 1:00p History & overview of Hydroelectric Power Plant Bob Burnett, Barefoot Mining 1:45p The Future of Pools Bitcoin Mechanic 2:15p Special Announcement from Luke Dashjr 2:30p Panel discussion with Luke Dashjr & Jack Dorsey 2:45p Closing remarks Ian Northon, OCEAN

https://ocean.xyz/event

95 sats \ 0 replies \ @BlueSlime 29 Nov 2023

Luke is a real one. I'm glad to see he is doing well after his tragic boating accident.

This honestly sounds like an amazing project. I feel that decentralized mining has always been a critical missing piece for reaching a hyper-bitcoin world.

Decentralized mining pools should make up 95% of the network hashrate. Proof of work doesn't require the next block template to become a matter of debate.

I consider any bias in block creation to be a consensus failure in the protocol. I hope stratum v2 banishes this problem for good.

20 sats \ 1 reply \ @And1 28 Nov 2023

Nice, they gonna use Stratum v2

0 sats \ 0 replies \ @Muuny 28 Nov 2023

that's mining, this pool makes stratum a lot better.

121 sats \ 11 replies \ @021da48107 28 Nov 2023

I have a difficult time taking Luke Dash Jr seriously after he got hacked and had his Bitcoin stolen. He obviously doesn't take security seriously or that would not have happened.

Also is it common to run ASICs at home? I looked into running an s9 or s19 at home to mine + heat the home but It didn't seem to make much sense economically. Maybe decentralizing Bitcoin mining isn't required to run ASICs at home but just have more mining companies?

11 sats \ 0 replies \ @jgbtc 28 Nov 2023

There's something to be said for learning at the school of hard knocks. Luke might be more careful due to his experience compared to someone who has never felt that pain. But then again, you might be right.

10 sats \ 1 reply \ @nout 29 Nov 2023

Oh, all my BTC got "stolen", so now I don't need to pay capital gain taxes even when there's a trace...

0 sats \ 0 replies \ @nikotsla 29 Nov 2023

Boat accident ;) ;) ;) we all have one.

10 sats \ 1 reply \ @nicosey 29 Nov 2023

He is human and a peculiar one at that. Bitcoin is lucky to have him...

10 sats \ 0 replies \ @021da48107 29 Nov 2023

Very good points, I agree. He could also be a great software developer and still be not good with security; I've worked with a ton of them.

10 sats \ 1 reply \ @Coinosphere 29 Nov 2023

This has nothing to do with security though, even if he did lose those coins. This is a mining pool that he has made more decentralized than previous pools, and he created the first decentralized mining pool for GPUs back in the early days. He should be the most qualified for this task.

0 sats \ 0 replies \ @021da48107 29 Nov 2023

Isn't it a concern if the infra behind this mining pool get hacked? I don't know enough about mining pools to confirm but it seems like a concern to me.

Others have said he didn't really loose the Bitcoin, if that is the case then kudos to him.

0 sats \ 3 replies \ @fedelang 29 Nov 2023

OMG.. He wasn't hacked..

If you don't know your way around electricity don't mine at home, you will end up torching it.

0 sats \ 2 replies \ @021da48107 29 Nov 2023

If you don't know your way around electricity don't mine at home, you will end up torching it.

What does "know your way around electricity" mean? I understand a basic amount. I could wire up a 240 circuit, I understand (vaguely) the relationship between amps, watts, and volts, am I qualified?

Furthermore having to know your way around electricity as being a prereq for running a miner at home kinda proves my point, yeah?

10 sats \ 1 reply \ @fedelang 29 Nov 2023

You can run ASICS at home. 3kW per ASIC is a lot of power and can cook electrical cables. Dedicated circuit directly from main power panel with dedicated circuit breaker is the way to go. If you know how to torque and how to calculate the right cabling you should be fine.

If you plan to just plug the ASIC PSU in a home outlet. Then home mining is not for you.

0 sats \ 0 replies \ @anon 1 Dec 2023

Worked for me, don’t know much about electricity, YouTube got me covered

10 sats \ 0 replies \ @Catcher 28 Nov 2023

🔥🔥🔥

10 sats \ 0 replies \ @faithandcredit 30 Nov 2023

The growth or lack there of of this pool will be an interesting metric to follow. It will play a part in Bitcoins value proposition i think. Something i dont understand is how miners discover pools. Say you wanted to mine, how do you find a pool to join? Seems like the biggest pools will always show up first

10 sats \ 0 replies \ @nullama 28 Nov 2023

Jack Dorsey funded Ocean with $6.2M

10 sats \ 0 replies \ @duuv 28 Nov 2023

This is good news :-)

10 sats \ 0 replies \ @eduardopro 28 Nov 2023

Wow!

It seems like this is a great day for the bitcoin network.

0 sats \ 0 replies \ @02df4abd70 1 Dec 2023

Luke Dashjr's relaunch of Eligius as OCEAN aims to redefine Bitcoin mining by prioritizing transparency, non-custodial payouts, and a shift towards true decentralization. With plans for Lightning payouts and a fee structure ensuring fairness, OCEAN emerges as a promising catalyst for miner empowerment and network decentralization.

0 sats \ 0 replies \ @rax0m 30 Nov 2023

Almost up to 0.1% of total hashrate

Luke included a list of very old blocks (2017- ) to make it seem this pool has found a lot of blocks? They have found none so far .. :) But they will soon probably (in 10 minutes * 1/0.001 = 1 week)

0 sats \ 0 replies \ @fedelang 29 Nov 2023

The more I read about it the better I think this is. A real Bitcoin centrix pool.

So far ir seems 130Ph/s a mean block of 28 days. Rough if you experience downtime just when block is found.

I can only hope for more Bitcoin centrix miners to show up.

Real challenge here is that mining scene is dominated by fiat centrix players.

0 sats \ 1 reply \ @legxxi 29 Nov 2023

Now we need affordable and ultra easy to set up home miners. Miners for plebs!

10 sats \ 0 replies \ @wassersnaus 3 Dec 2023

this is a cool project with a lot of hardworking and dedicated souls. I think its pretty much plug and play, but dont quote me on that. https://opensourceminer.com/products/bitaxe-201

0 sats \ 0 replies \ @nikotsla 29 Nov 2023

Starting the day with good news 🔥🔥🔥

0 sats \ 0 replies \ @cyberpunk02 28 Nov 2023

already at 91petahash!

0 sats \ 1 reply \ @rafaelasprilla334 28 Nov 2023

Without KYC and without spying on your privacy, the only thing missing is lightning payment

0 sats \ 0 replies \ @nikotsla 29 Nov 2023

Unstoppable with that feature.