- Tether commits to support Bitcoin mining pool Ocean by deploying computational resources to enhance Bitcoin’s decentralization.
- Ocean mining pool, backed by Jack Dorsey and led by Luke Dashjr, will receive both existing and future hashrate from Tether.
- This move aligns with Tether’s expanding Bitcoin strategy, which includes purchasing more Bitcoin and enabling USDT on Bitcoin’s Lightning Network.
Tether announced Monday its commitment to support the Bitcoin mining pool Ocean by allocating computational resources to strengthen Bitcoin’s network infrastructure. The El salvador-based stablecoin issuer plans to "deploy both existing and future hashrate" to Ocean as part of its effort to promote "resilience, transparency, and decentralization" in Bitcoin’s foundational systems.
Paolo Ardoino, CEO of Tether, emphasized the strategic alignment of this decision: "Deploying hashrate to Ocean aligns with both our mining investments and our broader mission to fortify Bitcoin against centralizing forces." The company did not provide specific details about the amount of computational power being committed when asked for clarification.
Enhancing Bitcoin’s Mining Ecosystem
The Bitcoin mining pool Ocean is spearheaded by Bitcoin Core developer Luke Dashjr and has received backing from Jack Dorsey, the co-founder of X (formerly Twitter) and CEO of Block. Ocean previously made headlines when it blocked non-financial Bitcoin transactions that Dashjr labeled as "spam," including Ordinals-tasteless-fad-or-btc-innovation”>Ordinals inscriptions—effectively NFTs on the Bitcoin blockchain. However, in December 2023, Ocean reversed this stance, allowing pool participants to decide whether to block such transactions.
Hashrate refers to the computational power dedicated to the Bitcoin network. Mining pools with higher hashrates can more efficiently discover blocks, earning rewards of newly minted Bitcoin and transaction fees. By contributing hashrate to Ocean, Tether provides essential processing power to the mining operation.
Tether’s Expanding Bitcoin Strategy
This support for Ocean represents just one aspect of Tether’s growing involvement with Bitcoin. The company, which issues USDT, the third-largest cryptocurrency by market capitalization, has been actively increasing its Bitcoin holdings. In January, Tether announced plans to make its stablecoin available via Bitcoin and its layer-2 network, Lightning.
USDT serves as a crucial tool for cryptocurrency traders, facilitating entry and exit from various trading positions. According to Tether, the stablecoin is backed by dollar reserves and operates across numerous prominent cryptocurrency networks, making this expansion to Bitcoin’s infrastructure a natural progression of their ecosystem integration strategy.
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