OCEAN co-founder Luke Dashjr left the Bitcoin mining pool on Aug. 29 after reaching a mutual separation agreement with its parent company, Mummolin Inc. He resigned as chairman, chief technology officer and director.
Summary
- OCEAN co-founder Luke Dashjr resigned as chairman, chief technology officer and director by mutual agreement.
- Mummolin repurchased all Dashjr’s equity, ending his ownership interest in the Bitcoin mining pool entirely.
- Dashjr will establish CONVOY to continue promoting decentralized Bitcoin mining; launch details remain undisclosed today.
- OCEAN said it will continue operating its transparent, non-custodial pool for Bitcoin miners without Dashjr.
- The parties cited differing visions after recent protocol developments but identified no specific technical disagreement.
Mummolin also repurchased all of Dashjr’s equity, according to a joint statement. Neither party disclosed the value of the repurchase or Dashjr’s former ownership percentage.
OCEAN and Dashjr cite different mining visions
OCEAN and Dashjr attributed the separation to “different visions for the future of Bitcoin mining following the recent protocol developments.” The statement did not identify the developments or explain the areas of disagreement.
The wording therefore does not confirm whether a single Bitcoin protocol proposal caused the split. Dashjr has participated in public debates about transaction policies, mining decentralization and alternative Bitcoin software. Connecting the departure to any particular dispute would require further confirmation from the parties.
Dashjr had already stepped back from his OCEAN responsibilities earlier in August. His permanent departure now removes him from the company’s leadership and ownership structure.
The company did not announce a replacement chairman or chief technology officer. It also provided no details about how Dashjr’s former technical responsibilities will be distributed.
Luke Dashjr will pursue Bitcoin mining through CONVOY
Dashjr plans to create a new venture called CONVOY. The joint statement said the project would continue his mission of decentralizing Bitcoin mining.
No official website, technical documentation or launch schedule was available at publication time. The statement did not explain whether CONVOY will operate a mining pool, develop mining software or pursue another infrastructure model.
Dashjr previously founded Eligius, an early Bitcoin mining pool, before helping launch OCEAN in 2023. OCEAN was designed to give miners greater visibility into block templates and deliver block rewards directly to miners through a non-custodial system.
The new venture suggests Dashjr intends to pursue those decentralization goals independently. However, claims about CONVOY’s architecture, mining policies or commercial model remain unverified until the project publishes further information.
OCEAN will keep its non-custodial pool operating
OCEAN said it will continue serving miners through its transparent, non-custodial mining pool. Its model sends mining rewards directly to participating miners instead of holding payouts in a pool-controlled account.
The company operates through Bitcoin Ocean LLC, a subsidiary of Wyoming-based Mummolin. It raised $6.2 million to develop decentralized mining infrastructure in a 2023 seed round led by Jack Dorsey and other investors.
OCEAN later introduced DATUM, a protocol intended to let individual miners construct their own block templates while still participating in pooled mining. The approach seeks to reduce the control large pool operators exercise over transaction selection.
In April 2025, Tether committed mining hashrate to OCEAN, including capacity from its operations in Africa and other regions. OCEAN has not announced any change to that arrangement following Dashjr’s departure.
What happens next for OCEAN and CONVOY
OCEAN must clarify its leadership structure and technical roadmap after losing its co-founder, chairman and chief technology officer. The company has not announced deadlines for those decisions.
Miners can continue using the pool, according to the joint statement. There was no reported service suspension, custody event or change to its payout system linked to the separation.
CONVOY’s next step will be publishing details about its team, technology and intended services. No launch date or funding information has been confirmed.
The equity repurchase completes Dashjr’s corporate separation from OCEAN. Still, the limited announcement leaves the underlying technical disagreement unresolved. No verified market reaction was directly attributable to the news.
