Decentralization and Transparency
Fabian Weber, Head of Hashrate at terahash.energy, outlined the motivation behind the decision: “The increasing centralization of mining pools poses risks to the decentralization and censorship resistance of the Bitcoin network. Additionally, traditional pools often lack transparency, particularly regarding payout mechanisms and revenue distribution. Our goal is to counter this trend and establish pioneering new standards.”
Pilot Phase with 50 PH/s
In an initial test phase, terahash.energy will redirect approximately 50 PH/s of computing power to the Ocean Pool. The aim is to thoroughly evaluate the pool’s profitability, transparency, and technical functionality. Simultaneously, the company plans to explore and develop new business models that leverage the traceability and openness offered by pools like Ocean.
“We strongly believe that disruptive approaches, such as those exemplified by the Bitcoin network itself, can enhance security and trust at the mining level. Ocean provides the perfect platform to achieve this,” Weber emphasized.
Why the Ocean Pool?
The Ocean Pool adopts an innovative approach within the Bitcoin mining ecosystem, prioritizing transparency, decentralization, and fairness. Unlike traditional pools, it publicly and verifiably manages payouts and distribution mechanisms. This not only reduces the risk of manipulation but also strengthens miners’ confidence in the pool’s infrastructure.
Moreover, the Ocean Pool plays a critical role in reducing reliance on a few centralized actors within the mining sector, thereby promoting the decentralization of the Bitcoin network.
By migrating its hashrate to the Ocean Pool, terahash.energy GmbH reaffirms its position as an innovator in the mining sector and its dedication to advancing a secure, transparent, and decentralized Bitcoin ecosystem.
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