There have been changes in the management of the Bitcoin mining pool OCEAN. The company disclosed that co-founder Luke Dashjr reached a mutual agreement with the parent company Mummolin Inc on August 29th to part ways, resigning from his positions as chairman, chief technology officer, and director, and also withdrawing from the company's shareholding structure.
Parent company repurchases all shares
The joint statement indicates that Mummolin has repurchased all the shares held by Dashjr, meaning he has completely exited the ownership structure of OCEAN. Neither party disclosed the repurchase amount nor the previous shareholding percentage of Dashjr.
Both parties attributed this breakup to 'differences in views on the future direction of Bitcoin mining following recent developments in the protocol.' However, the statement did not specify the exact disagreements, nor did it clarify whether they were directly related to any particular Bitcoin protocol proposal.
Prior to this, Dashjr had already reduced his daily responsibilities in OCEAN earlier in August. With this official departure, he will no longer be involved in company management and will also no longer retain his status as a shareholder.
OCEAN Mining Pool Continues to Operate as Usual
OCEAN indicates that the platform will continue to provide services to miners in a transparent and non-hosted mode. Under this mode, block rewards will be distributed directly to the participating miners, rather than first going into accounts controlled by mining pools.
The company has not announced a new chairman or chief technology officer, nor has it clarified how the existing technical responsibilities of Dashjr will be allocated. The joint statement states that miners can continue to use the mining pool, and there are currently no service interruptions, custody risk events, or adjustments to the settlement methods.
OCEAN is operated by a Wyoming-based company, Mummolin, through its subsidiary, Bitcoin Ocean LLC. The company completed a $6.2 million seed financing round in 2023, with investors including Jack Dorsey and others.
Dashjr plans to launch CONVOY
The joint statement also mentioned that Dashjr plans to launch a new project named CONVOY to continue advancing its goal of decentralizing Bitcoin mining. However, as of the time of publication, neither the project's official website, technical documentation, nor a timeline for launch have been made public.
The statement does not clarify in what form CONVOY will operate. It is currently unclear whether it will become a new mining pool, a mining software project, or some other type of infrastructure service.
Dashjr founded an early Bitcoin mining pool called Eligius, and later in 2023, participated in the establishment of OCEAN. OCEAN subsequently launched the DATUM protocol, with the goal of allowing individual miners to build their own block templates when participating in joint mining, thereby reducing the control large mining pools have over transaction selection.
Additional information:In April 2025, Tether provided some computing power support from regions such as Africa to OCEAN. OCEAN has not yet announced that this cooperation arrangement will change due to the departure of Dashjr.
