Ocean Mining Pool discussion with Luke Dashjr at Mining Disrupt 2024

cryptocurrency 1 week ago

Luke was a great sport to give us a few minutes to interview him on Ocean Mining Pool and the advantages and key factors related to their approach for the Bitcoin Mining Community. Ocean Mining Pool operates as a non-custodial pool, ensuring miners are paid directly by the Bitcoin network, maintaining transparency by coordinating correct splits of transaction outputs. The pool publishes block templates before solving them, allowing miners to see block details beforehand, ensuring they can choose whether to contribute. The reward system uses a Transparent Index of Distinct Extended Shares (TIDES), which verifies that miners receive exact rewards based on their contributed hashrate. This transparency and precise reward distribution minimize the need for trust and prevent dishonesty by the pool. The Ocean Mining Pool's reward scheme, Transparent Index of Distinct Extended Shares (TIDES), distributes rewards based on a weighted percentage of effort towards recently found proofs, ensuring each proof is paid approximately eight times. Unlike fixed payouts per proof, rewards are proportional and include transaction fees, making payouts fully auditable. This method avoids the distortions of previous systems like PPLNS, which used shifts and smaller proof windows, resulting in less accurate payments. TIDES provides the most precise payout scheme in Bitcoin without requiring the pool to act as a custodial intermediary for payments. Find more information on their website at: https://ocean.xyz/ Follow us on all socials #oceanmining #bitcoin #cryptocurrency
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