Ocean Mining, a pioneering force in the Bitcoin mining landscape, has introduced groundbreaking advancements that provide miners with unprecedented control over their block templates. This innovation marks a pivotal moment, ushering in a new era of autonomy and choice for bitcoin miners worldwide.
Ocean Mining: Unveiling Block Template Selection
In a bid to enhance miner sovereignty, Ocean Mining rolled out a significant update to its pool software. This update allows individual miners to select from a range of block templates, marking a departure from the traditional one-size-fits-all approach.
Previously, mining pools dictated block template construction. Now, according to Mummolin Inc. press release, the pool offers miners the liberty to choose among distinct templates:
- OCEAN Knots Template: Filters out inscription transactions and limits OP_RETURN transactions to 42 bytes.
- Bitcoin Core with Ordisrespector Patch: Incorporates the Ordisrespector update to exclude inscription transactions.
- Default Bitcoin Core Template: This template imposes no additional transaction filters.
Shifting Paradigms in Mining
This move signifies Ocean Mining’s commitment to ushering in a more decentralized mining ecosystem. By enabling miners to choose their templates, the company aims to pave the way for Stratum v2 integration, granting miners the freedom to craft their preferred block templates.
Ocean Mining’s fee structure aligns with its philosophy. Miners opting for the Knots template or the Bitcoin Core + Ordisrespector patch enjoy a 0% pool fee, honoring the promotional rate from launch. However, selecting the default Bitcoin Core template incurs a 2% fee, designed as a deterrent due to Ocean Mining’s concerns about potential negative impacts on the network.
Bob Burnett, CEO at Barefoot Mining and a board member at Ocean Mining, recently stated in a tweet that this approach gives the miners the freedom to choose according to their own philosophy. This aligns with Ocean Mining’s recent tweet that its ultimately the users who decide which transaction to mine, and not the pool.
The global head of sales for Ocean, known as the “Bitcoin Mechanic”, expressed:
“Block template construction has become so centralized that we can make significant progress towards improving things simply by providing a glimpse into the future. What OCEAN is offering by giving miners a choice of multiple templates is an unprecedented step in the right direction.”
Balancing Economics and Ideology
The choice between templates involves a complex evaluation for miners. While the Bitcoin Core default template promises maximum revenue, the attached 2% fee introduces considerations. Miners must weigh profitability against fees to make an informed decision aligning with their economic and ideological motives.
Ocean Mining’s decision to introduce template selection stems from community feedback. Despite standing by their stance on the impact of Ordinals transactions, the company acknowledges and responds to user concerns, aiming to democratize decision-making in mining operations.
Some argued that Ocean’s action acknowledged past errors in filtering “spam” transactions, seen as a surrender, acknowledging the economic benefit of mining such transactions, as emphasized by Udi Wertheimer of the Taproot Wizards project.
A Path to Decentralization?
The broader vision of Ocean Mining encompasses a decentralized future for Bitcoin mining. By empowering miners to make crucial decisions in block construction, the company aspires to restore autonomy to miners, a fundamental tenet in achieving a healthier, decentralized network.
As per the co-founder Luke Dashjr:
“Decentralized mining is necessary for Bitcoin’s long-term health, and can only be maintained if miners do the intelligent parts of mining. This involves running nodes, constructing block templates, and independently deciding which transactions make it into the blockchain.
This future state is in jeopardy and in stark contrast to the present reality where only a handful of pools make these decisions on behalf of all miners globally.”
Ocean Mining’s initiative represents a paradigm shift in mining pool operations. With a focus on user empowerment, transparency, and advancing decentralization, this move sets the stage for a future where miners play a more active and decisive role in shaping the Bitcoin network.
