Tether, the issuer of the USDT stablecoin, has announced a strategic partnership with Ocean, a decentralised Bitcoin mining pool. This collaboration aims to enhance the decentralisation of Bitcoin mining operations by allocating Tether’s existing and future hashrate to Ocean’s platform.
The primary goal of this alliance is to mitigate the centralisation of Bitcoin’s block-building process, which is currently dominated by a few large mining pools such as Foundry USA, AntPool, and ViaBTC. By directing its hashrate to Ocean, Tether seeks to empower individual miners and promote a more distributed network infrastructure.
Ocean, established by Bitcoin Core developer Luke Dashjr in 2023, offers a non-custodial mining pool that enables miners to construct their own block templates using its open-source DATUM protocol. This approach enhances censorship resistance and reduces reliance on centralised intermediaries. Tether plans to deploy the DATUM protocol across its global mining operations, including facilities in Uruguay, Paraguay, and El Salvador.
Current Landscape and Implications
Despite its innovative approach, Ocean currently accounts for a modest share of the Bitcoin mining market, producing between 0.2% to 1% of all mined blocks. In contrast, major players like Foundry USA, AntPool, and ViaBTC collectively control over 66% of the network’s hashrate. Tether’s involvement is expected to significantly boost Ocean’s capacity, potentially encouraging more miners to join the decentralised pool.
Tether’s commitment to decentralised mining aligns with its broader mission to promote transparency and resilience within the Bitcoin network. Tether is taking a proactive stance against centralisation trends in the cryptocurrency space by investing in Ocean and deploying its mining resources accordingly. This partnership may serve as a model for other organisations seeking to support decentralised infrastructure and could lead to increased geographic and operational diversity in Bitcoin mining.
Conclusion
The collaboration between Tether and Ocean represents a concerted effort to address centralisation concerns within the Bitcoin mining ecosystem. By leveraging innovative technologies and promoting decentralised practices, this partnership has the potential to reshape the dynamics of Bitcoin mining and reinforce the network’s foundational principles.
