Tether Powers Up Bitcoin Mining Pool Ocean With Fresh Hashrate
Tether is expanding into Bitcoin mining by dedicating its hashrate to Ocean, a mining pool led by Luke Dashjr and backed by Jack Dorsey. The move aims to boost decentralization and strengthen Bitcoin's network amid growing concerns of centralization.
Tether, the issuer of the world's most widely used stablecoin USDT, has made a significant foray into the Bitcoin mining industry by dedicating its current and future computing power (hashrate) to aid Ocean, a Bitcoin mining pool founded by Bitcoin Core developer Luke Dashjr and supported by tech billionaire Jack Dorsey.
In a Monday release, the El Salvador-based company said the move fits into its overall mission to strengthen Bitcoin's decentralization, transparency, and resilience in general—and especially amid concerns about the centralization of mining capacity.
"Deploying hashrate to Ocean is in line with our mining investments as well as our overall mission to strengthen Bitcoin against centralizing forces," CEO of Tether Paolo Ardoino said.
By lending hashrate—processing power devoted to validating Bitcoin transactions—Tether is providing Ocean with the equipment it requires to compete more efficiently for block rewards and secure the network.
This strategic alliance demonstrates Tether's growing interest in Bitcoin. In addition to recent mining investments, the firm is also developing infrastructure to support its USDT stablecoin on the Bitcoin blockchain and its Lightning Network—a development that could unlock cheaper, faster transactions.
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Being the third-largest cryptocurrency by market cap, USDT is central to crypto trading, serving as a bridge between fiat currencies and volatile coins. Tether's further engagement with Bitcoin can be an indication of a long-term dedication to backing the ecosystem at its very foundation.