OCEAN repurchased all shares held by Luke Dashjr

The Bitcoin mining pool OCEAN announced that co-founder Luke Dashjr has left the company after mutual agreement and has resigned from his positions as chairman, chief technology officer, and director.

The operating entity of OCEAN, Mummolin, stated that the company has repurchased all shares held by Dashjr; the announcement did not disclose the repurchase price, valuation, payment method, share ratio, or transaction completion date, making it impossible to calculate the actual scale of this exit transaction.

The separation is attributed to differing visions regarding the future path of Bitcoin mining following recent developments in Bitcoin protocols. The announcement did not further clarify whether the disputes involved transaction selection, block template generation, Stratum protocol, miner review rights, transaction fee markets, or specific technical positions on protocol upgrades.

Dashjr will launch a new project called CONVOY, which he stated will continue the mission of decentralizing Bitcoin mining. Currently, public information has not disclosed CONVOY's financing situation, equity structure, mining pool architecture, hash power scale, launch time, fee arrangements, or verifiable miner access data.

OCEAN stated it will continue to provide transparent, non-custodial mining pool services. The focus of the non-custodial model is on miners generating block templates independently or gaining greater control over templates, reducing reliance on large centralized mining pools to unilaterally decide transaction packaging and block composition; the recent adjustments in the company's leadership and equity structure do not mean that mining pool operations have ceased.

In terms of market mechanisms, miners' choice of mining pools mainly depends on yield stability, fee rates, payment methods, block generation rates, denial-of-service protection, block template control, and compliance risks. If CONVOY attracts miners with a stronger narrative of decentralization, it will compete with OCEAN for hash power willing to bear the costs of technical switching; if OCEAN maintains stable operations and a transparent non-custodial positioning, existing miners are more likely to prioritize the continuity of their payments. The migration of hash power between pools will not directly change Bitcoin issuance rules, but the concentration of hash power will affect transaction packaging rights, block construction rights, and network censorship resistance.

Source: Public information