The Frontier

Bob Burnett estimates that public mining companies have dropped their share of the network hash rate from nearly 40 percent down to around 28 percent. This shift decentralizes the physical distribution of hashing power across the network.

Nacho Pauls reports that Ocean's hash rate dropped from 40 exahashes to 23 exahashes following the controversial BIP-110 hard fork. Despite the decline, the pool remained functional and profitable for miners who chose to stay.

Bob Burnett explains that 15 exahashes of Ocean's peak power came from rented hash rate, largely driven by a group called the Roughnecks. Rented hash rate of this scale costs miners up to $500,000 per day.

Nacho Pauls points out that tax and regulatory requirements in Canada and Finland mandate corporate miners to use FPPS pools. This constraint prevents many institutional mining operations from adopting Ocean's non-custodial payout structure.

Bob Burnett asserts that corporate mining CFOs prioritize predictability over a potential 5 percent revenue upside. The risk of even minor daily payout variance deters public companies who must answer to traditional market analysts.

To accommodate institutional compliance demands, Ocean completed SOC 1 and SOC 2 audits. Bob Burnett notes this data security process was completed despite the fact that Ocean does not collect or store sensitive customer information.

Nacho Pauls describes the exit of core team members Luke Dashjr and Mechanic as an amicable separation of corporate vision. Bob Burnett announces that Jason Hughes will take over as CTO, while Burnett steps in as chairman.

Bob Burnett stopped signaling for the BIP-110 proposal on June 1st after recognizing a complete lack of broader ecosystem consensus. He argues that pursuing technical updates is useless without the explicit support of pools, exchanges, and node operators.

Bob Burnett argues that the Bitcoin network needs three to five independent node clients with significant market share to safely negotiate future protocol upgrades. He models this after the historical standardization of PC components like USB and PCI.