OCEAN Pool Integrates BOLT12 Lightning Payouts
“Using BOLT12 also allows us to prove to the world that a payment was made, the size of the payment, the node to which it was paid, and that it was paid by us. This means we can continue to offer fully transparent and verifiable pooled mining while no longer being restricted by the base layer.”
- "As of today, OCEAN miners can attach a BOLT12 offer to their Bitcoin address and get paid out over Lightning," announced OCEAN Pool.
"BOLT12 offers allow us to request multiple invoices for any amount while only requiring the miner to set things up once. Miners simply sign a message containing the offer using the private key associated with their Bitcoin address."
- "Using BOLT12 also allows us to prove to the world that a payment was made, the size of the payment, the node to which it was paid, and that it was paid by us."
“Pools traditionally have held miners’ bitcoins like a bank, while on-chain Bitcoin transactions get increasingly expensive as the demand for Bitcoin rises. For small miners, the problem is exacerbated since in some cases the cost of the transaction fee is higher than the reward that they earn. This is unsustainable because it creates lock-in to custodial pools. OCEAN helps overcome this risk using Lightning,” OCEAN co-founder Luke Dashjr said.
- "This means we can continue to offer fully transparent and verifiable pooled mining while no longer being restricted by the base layer! Using the Bitcoin stack to its fullest is how we eliminate the need for trust and bring sovereignty to mining," said the project.
