Ocean Allows Miners to Mine Non-Financial Transactions After Restricting Them for Months

Ocean Allows Miners to Mine Non-Financial Transactions After Restricting Them for Months

Miners in Ocean Mining Pool Set to Process Ordinals Transactions

Popular Ordinals critic and the founder of the Ocean mining pool, Luke Dashjr, seems to have changed his negative stance on NFT-like assets on the Bitcoin blockchain after his company announced that it will now allow miners to mine blocks containing non-financial transactions. This announcement comes after months of Ocean restricting the miners from processing such transactions.

While the mining pool did not explicitly mention Ordinals, many crypto users believe that Ocean was referring to the protocol since it is the only project that offers a way for people to inscribe NFTs onto Bitcoin. Since the start of the year, millions of NFTs have been added to the Bitcoin blockchain. However, despite generating massive fees for miners, Ordinals has been controversial among Bitcoiners, with some arguing that Bitcoin should only be used to process financial transactions.

Ocean’s Update

Meanwhile, Ocean, the mining pool that raised over $6 million in a funding round led by former Twitter CEO Jack Dorsey last month, has announced that it will start offering two block policy options to give miners total control over the Bitcoin blocks they can mine.

These options include Ocean Recommended, which will allow miners to mine blocks containing financial transactions only and Bitcoin Core, which will have fewer financial transactions and more non-financial transactions.

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Following Ocean’s announcement, some Ordinals maximalists have criticised the company for calling Bitcoin-based NFTs “non-financial transactions,” yet they attract the highest fees, thus boosting Ocean miners’ revenue. That can’t be far from the truth, given that over the past seven days, Ordinals inscriptions have accounted for 57% of the total mining revenue.

Bitcoiners Comment on Ocean’s Announcement

Prominent Bitcoiner Adam Back wrote on X yesterday that longtime opponent of the Ordinals project Dashjr is “finally bending his knee to Ordinals while trying to save face.” The Ocean founder had previously urged Bitcoin developers to adopt “spam filtering” to prohibit all Ordinals transactions.

Another Bitcoiner, Udi Wertheimer, says Ocean’s announcement suggests that Dashjr has accepted the fact that the Ordinals protocol is here to stay. He adds that the NFT world is now celebrating.

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Michael Varney
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Michael Varney

Michael Varney, a distinguished name in crypto journalism, offers deep insights into the world of blockchain. Merging meticulous research with eloquent prose, Michael's articles decode the complexities of digital currencies, establishing him as an indispensable source for those keen on understanding the evolving crypto landscape.

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