Tether Joins Decentralized Bitcoin Mining Pool OCEAN, Expands Global Crypto Mining Footprint
Tether, the company behind the world’s largest stablecoin USDT, is making a strategic move into the Bitcoin mining sector by backing OCEAN, a decentralized, non-custodial mining pool created by long-standing Bitcoin Core developer Luke Dashjr.
In an announcement on Monday, Tether confirmed it will allocate both its existing and future mining resources to OCEAN. This decision aligns with the company’s broader initiative to invest $500 million by 2025 into Bitcoin mining operations and infrastructure, including stakes in various mining companies worldwide.
OCEAN was launched in November 2023 and operates using DATUM Gateway, an open-source protocol optimized for low-latency environments. Tether plans to roll out this technology across its global mining operations — including in rural and underserved regions such as parts of Africa. The aim is to foster a more decentralized and geographically diverse mining ecosystem, which Tether believes will strengthen the network’s resilience and global reach.
“By enabling on-site generation of unique block templates and aggregating thousands of rig connections with low-latency performance, DATUM ensures global competitiveness,” Tether stated in its release.
Tether’s growing mining ambitions coincide with its deepening involvement in Bitcoin itself. Earlier in 2024, the company purchased 8,888 BTC, increasing its total holdings to around $7.8 billion — making it one of the largest single-wallet holders of Bitcoin globally. In parallel, it has funded mining operations in El Salvador, Paraguay, and Uruguay.
The decision to support OCEAN, however, comes with some controversy. The pool’s founder, Luke Dashjr, is a vocal Bitcoin developer known not just for his contributions to the protocol, but also for his conservative stances and outspoken opposition to features like Bitcoin inscriptions — a form of NFT-like asset native to the Bitcoin blockchain. Dashjr has made efforts to filter such transactions via the OCEAN pool, drawing criticism from more liberal parts of the crypto community.
Despite the ideological divides, Tether’s involvement underscores a significant institutional endorsement of decentralized mining infrastructure. As the industry evolves, partnerships like these may set the tone for how mining operations scale and diversify globally, especially in areas historically excluded from the crypto mining conversation.