Tether Joins OCEAN Mining Pool to Boost Bitcoin Decentralization

Tether announced on April 15 that it will deploy its existing and future Bitcoin hashrate to OCEAN‘s mining pool to strengthen Bitcoin’s decentralization. This move aligns with the stablecoin issuer’s mining investments and broader mission to protect Bitcoin from centralizing forces, according to CEO Paolo Ardoino in an official statement.

While Bitcoin’s hashrate is decentralized, the block-building process remains controlled by a few dominant mining pools, including Foundry USA, AntPool, and ViaBTC. OCEAN aims to decentralize this process through its open-source DATUM protocol, enabling miners to build their own block templates and reducing reliance on centralized intermediaries.

Tether’s deployment will implement OCEAN’s DATUM software across its global mining operations, including sites in rural African areas. "By enabling on-site generation of unique block templates and aggregating thousands of rig connections with low-latency performance, DATUM ensures global competitiveness while promoting geographic and operational diversity," Tether explained in their announcement.

The stablecoin issuer, with a market cap of $144 billion, currently operates Bitcoin mining facilities in Uruguay, Paraguay, and El salvador, where its headquarters are located. This mining initiative emerged after Tether announced a $500 million investment in Bitcoin mining in late 2023.

OCEAN’s Rising Tide in Bitcoin Mining

OCEAN was founded in 2023 by Bitcoin core developer Luke Dashjr and has gained backing from prominent industry figures like Block CEO Jack Dorsey. The protocol also moved its headquarters to El Salvador in May 2024.

Dashjr stirred controversy in December 2023 when he criticized Bitcoin Ordinals users for creating network congestion, though he denied claims that OCEAN censored these NFT-like transactions.

OCEAN’s Market Position

According to mempool.space data, OCEAN currently mines only between 0.2% to 1% of Bitcoin blocks. While it successfully mined nine blocks in the past week, including two consecutive blocks on April 14, this remains a small fraction compared to industry leaders.

The top three mining pools—Foundry USA, AntPool, and ViaBTC—mined 331, 199, and 161 blocks respectively over the same period, collectively accounting for over 66% of all blocks mined.

Tether’s partnership could significantly increase OCEAN’s hashrate, which currently stands at 18.3 exahashes per second (EH/s). For comparison, Foundry USA’s hashrate exceeds 298 EH/s, drawing power from major Bitcoin mining companies like Hut 8, Bitdeer, and Bitfarms.

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