Luke Dashjr exits Ocean mining pool after equity buyback

Veteran Bitcoin developer Luke Dashjr has resigned from his leadership roles at mining pool OCEAN after parent company Mummolin repurchased his entire equity stake. The mutual split follows the failure of Dashjr's controversial BIP-110 proposal and a 96% drop in OCEAN's hashrate in August 2026. Dashjr is launching a new mining venture called CONVOY and backing a September 1, 2026 Bitcoin hard fork to BLAKE2b, aiming to counter what he describes as centralized management on the legacy chain.

Dashjr exits OCEAN pool

• ▪OCEAN's parent company, Mummolin, repurchased all of Luke Dashjr's equity stake in the mining pool under a mutual agreement
• ▪Following Luke Dashjr's departure, OCEAN stated it will continue operating its transparent, non-custodial mining pool that pays rewards directly to participants
• ▪The financial terms and repurchase price of Luke Dashjr's equity buyback from Mummolin were not publicly disclosed
• ▪Luke Dashjr resigned as chairman, chief technology officer, and director of Bitcoin mining pool OCEAN on or before August 29, 2026

BIP-110 proposal failure

• ▪Luke Dashjr took a sabbatical or leave from OCEAN following the failure of the BIP-110 proposal in August 2026
• ▪Signaling for the BIP-110 soft fork peaked at 2.53% miner support, far below the 55% required threshold
• ▪Luke Dashjr's BIP-110 proposal, which sought to restrict non-financial data storage on Bitcoin, failed to gain significant miner support
• ▪OCEAN added dedicated BIP-110 and no-signal endpoints in July 2026, but returned its default endpoint to the non-BIP-110 chain on August 9, 2026

Bitcoin hard fork dispute

• ▪The September 1, 2026 Bitcoin hard fork switches the mining algorithm to BLAKE2b, which existing Bitcoin ASIC mining machines cannot run
• ▪A Bitcoin hard fork backed by Luke Dashjr is scheduled to split from the main chain on September 1, 2026
• ▪During an August 2026 chain split, OCEAN routed customer power to a minority chain for approximately 18 hours without clear miner consent

OCEAN hashrate market share

• ▪On August 30, 2026, OCEAN accounted for 2.45% of daily Bitcoin blocks and 2.88% of blocks over the trailing week
• ▪OCEAN's hashrate fell by 96% in August 2026 following a controversial chain split

CONVOY mining venture launch

• ▪As of August 30, 2026, CONVOY had not disclosed an operating pool, codebase, participating miners, infrastructure, fees, or block-template policy
• ▪Following his exit from OCEAN, Luke Dashjr plans to launch a new Bitcoin mining venture called CONVOY

Bitcoin mining centralization debate

• ▪Luke Dashjr argues that the legacy Bitcoin chain operates under centralized management and blocks miners from building their own templates
• ▪Luke Dashjr claims that the BLAKE2b algorithm removes the ASICBoost shortcut, which gives large miners an efficiency edge
• ▪Blockstream's Adam Back and former Ripple CTO David Schwartz dismissed Luke Dashjr's claims of a network attack and BIP-110

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