Tether, the world’s largest stablecoin issuer by market cap, is deepening its footprint in the Bitcoin ecosystem by redirecting its current and future Bitcoin mining hashrate to OCEAN, a mining pool launched by veteran Bitcoin Core developer Luke Dashjr. The move signals a strategic alignment with decentralization-focused infrastructure amid concerns over centralizing trends in Bitcoin mining.
The announcement, made Monday, represents a bold step in Tether’s growing commitment to the underlying mechanics of the Bitcoin network. The company has already pledged up to $500 million through 2025 to expand its mining operations and strategic acquisitions, including deployments in Uruguay, Paraguay, and El Salvador.
“Deploying hashrate to OCEAN aligns with both our mining investments and our broader mission to fortify Bitcoin against centralizing forces,” said Tether CEO Paolo Ardoino.
Tether’s support of OCEAN reinforces its dual mission: boosting its operational role in Bitcoin mining and promoting ideological alignment with open, non-custodial, and transparent blockchain participation.
Strengthening Bitcoin Infrastructure with Financial Firepower
Tether’s pivot toward mining builds on its record-setting financial year. In 2024, the firm generated $13 billion in net profit from the reserves backing USDT—primarily held in cash and U.S. Treasuries. That capital is increasingly being funneled into Bitcoin infrastructure, including direct mining, energy production, and ecosystem support.
Earlier this year, Tether added 8,888 BTC to its treasury, raising its total holdings to roughly $7.8 billion, making it one of the six largest known Bitcoin holders globally. This investment trajectory places Tether in a unique position to shape the technical future of Bitcoin beyond just serving as a liquidity provider.
By aligning with OCEAN—a non-custodial mining pool that empowers individual miners to construct their own block templates—Tether aims to promote a mining ecosystem that resists centralization, enhances transparency, and operates effectively even in regions with limited bandwidth.
OCEAN’s Ideological Roots and Challenges
Launched in November 2023, OCEAN is built on the DATUM Gateway protocol, which enables low-latency block construction and peer validation. The platform has garnered attention not only for its technical innovation but also for its ideological stance, led by co-founder Luke Dashjr—a staunch Bitcoin purist.
Dashjr’s controversial opposition to certain Bitcoin protocol innovations—particularly inscriptions (Bitcoin-native NFTs)—has led OCEAN to reportedly filter out such transactions. While the move aligns with Dashjr’s vision of Bitcoin as a pure peer-to-peer payment system, it has reignited debate about censorship risks in mining and the limits of decentralization.
Despite currently holding an estimated 0.2% to 1% share of global hashrate, OCEAN’s partnership with Tether is expected to significantly elevate its network share and influence. The collaboration may also encourage other institutional miners to explore alternative, non-custodial pool structures.
A Broader Strategy Rooted in Financial Inclusion
Tether’s expanding mining strategy is more than a corporate diversification play—it’s part of a broader push to foster financial inclusion, particularly in underbanked regions. By operating mining facilities in energy-rich but infrastructure-light areas like Paraguay and El Salvador, Tether is helping bootstrap local economies with Bitcoin-powered infrastructure.
The firm’s long-term vision appears increasingly focused on embedding itself in the foundations of Bitcoin’s future—not just through liquidity or token issuance, but by helping shape the technical and economic infrastructure that underpins it.
Quick Facts
- Tether is directing its Bitcoin hashrate to OCEAN’s mining pool to support decentralization.
- OCEAN utilizes the DATUM protocol, allowing miners to build their own block templates.
- The partnership aims to enhance mining operations in bandwidth-constrained regions.
- Tether continues to invest in Bitcoin mining and infrastructure to promote financial inclusion.
