Tether to Use Ocean for Decentralized Bitcoin Mining

Ocean is a decentralized bitcoin mining pool launched by longtime Bitcoin Core developer Luke Dashjr in 2023 and backed by former Twitter CEO Jack Dorsey.

Ocean to Power Tether’s New Decentralized Bitcoin Mining Strategy

Tether, the largest stablecoin issuer in the world, has teamed up with Ocean, a decentralized Bitcoin mining pool founded by veteran Bitcoin Core contributor Luke Dashjr, according to a post published by the company on Monday.

Despite Tether’s reputation as the highly profitable firm behind USDT, the organization has been gradually increasing its investments in Bitcoin mining infrastructure, by both building its own facilities and acquiring other mining companies. In 2023, Tether CEO Paolo Ardoino, then CTO, told Bloomberg that the firm had made plans to invest $500 million in various bitcoin mining endeavors over a six-month period.

The company at the time announced the construction of mining operations in Uruguay, Paraguay, and El Salvador. Tether’s website currently lists Uruguay as a key mining location out of more than fifteen “active Bitcoin mining sites.”

And now, Ocean has become Tether’s latest bitcoin mining partner, with the goal of expanding decentralized mining by using Ocean’s software that lets miners create their own block templates, or rough outlines of new blocks, while also enabling high performance even when bandwidth is limited.

“We see supporting decentralization in bitcoin mining as essential to the network’s long-term integrity,” Ardoino explained. “Deploying hashrate to Ocean aligns with both our mining investments and our broader mission to fortify Bitcoin against centralizing forces.”