Tether to join OCEAN mining pool led by Bitcoin developer Dashjr
Tether to join OCEAN mining pool
Tether, the issuer of the world’s largest stablecoin, has announced plans to direct its “existing and future” hashpower to a Bitcoin mining pool called OCEAN, developed by controversial Bitcoin Core developer Luke Dashjr.
This move is part of Tether’s broader strategy to deepen its involvement in Bitcoin mining operations. The company is poised to invest approximately $500 million by 2025 to expand mining capabilities and acquire stakes in established mining firms, reinforcing its commitment to crypto mining even as the market evolves.
Advanced protocol and industry reactions
The OCEAN mining pool, launched in November 2023, operates as a decentralized, non-custodial platform powered by the open-source DATUM Gateway. According to Tether’s Monday release, the company plans to roll out DATUM across its global mining operations—including in rural and underserved regions such as parts of Africa—to generate unique block templates on-site and aggregate thousands of rig connections with low latency. This innovative approach is designed to enhance geographic and operational diversity, thereby boosting Tether’s competitive edge in Bitcoin mining.
However, the pool’s creator, Luke Dashjr, remains a contentious figure. Known for his outspoken religious and conservative views, Dashjr has attracted significant criticism from within the Bitcoin community, particularly for his opposition to Bitcoin applications like inscriptions, essentially Bitcoin-native NFTs. Despite this, Tether’s decision underscores the growing trend among crypto industry leaders to diversify holdings; Tether recently bolstered its Bitcoin exposure by purchasing 8,888 BTC earlier this year, bringing its total holdings to $7.8 billion and positioning it as one of the largest corporate Bitcoin accumulators.
Looking ahead, investors and analysts will be closely watching how Tether’s integration into decentralized mining, via the OCEAN pool, influences broader Bitcoin mining competitiveness and the overall dynamics of crypto asset management.
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