HASHRATE: 330.4 Ph/s • BLOCKS FOUND: 11,632
Two very simple steps:
Go to your miner's interface. For the POOL URL enter mine.ocean.xyz:3334. Some miners may require prefixing this by stratum+tcp:// while others may ask for the port number (3334) separately.
In many ways!
First, we are a non-custodial pool. Miners are paid directly by the Bitcoin network. Here is a block found by the pool in 2011 (under the name Eligius). The generation transaction contains over 900 outputs - this is the Bitcoin network paying miners directly. OCEAN uses the same transparent method. All OCEAN does is coordinate the correct split.
OCEAN constructs blocks so that miners are paid in the generation transaction whenever possible. This means the Bitcoin network is paying miners directly with OCEAN transparently ensuring the rewards are split correctly.
This is a restriction within Bitcoin itself. Freshly mined bitcoins cannot be spent for 100 blocks so as to avoid the disruption that would be caused by spent bitcoins suddenly disappearing should there be a reorganization of the blockchain (aka stale blocks).
No account is necessary - simply put your Bitcoin address as a worker name in your miner interface. Check out this video for more information.
Our reward scheme is called Transparent Index of Distinct Extended Shares (TIDES). As blocks are being mined, they generate the reward by a weighted percentage of effort to the most recently found proofs. The proof period funds are distributed across has been chosen such that each proof should be paid on average 8 times. Instead of a set amount of bitcoins per proof, the block reward is divided by percent, so transaction fees are included. Because of this design, each payout to you is fully auditable. Previous implementations of similar systems such as PPLNS would distort the payouts owed to miners by using “shifts” and much smaller proof windows, resulting in miners getting significantly less accurate payments for their contributed hashrate.
Currently, the threshold is 0.01048576 BTC or 1,048,576 sats
Rewards below this threshold will accumulate until it is exceeded, then the payout will occur automatically.
At launch, OCEAN is offering a radically more transparent and disintermediated option for traditional pooled mining than anything currently available, but the pool itself is still solely responsible for construction of block templates.
You can ask questions in the community chat on this website.