Let's Break the Chains: Tether Jumps Ship to Ocean Mining Pool
Tether Diverts Bitcoin Mining Power to Ocean Pool to Boost Network Dec reasonableization's Diversity
Here's the lowdown on Tether's latest move:
- Ocean and Tether, a Match Made in Crypto Hell: Tether is bucking the trend by funneling its mining hashrate towards the Ocean mining pool. This announcement, dropped on April 15, 2025, is all about promoting decentralization in the Bitcoin world.
- The Birth of Ocean Mining Pool: This pool was birthed by the mighty Bitcoin core developer, Luke Dashjr, back in 2023.
- Big Bucks Backing Bitcoin Mining: Tether's decision is in line with its $500 million investment in Bitcoin mining announced way back in 2023.
- Open Source, Open Mind: Ocean's DATUM protocol lets miners craft their own block templates independently, reducing dependence on centralized intermediaries.
- The David to Goliath Battle: Currently, Ocean is only nibbling at Bitcoin blocks, with dominant pools like Foundry USA swallowing the majority. With Tether's power behind it, maybe Ocean can give these giants a run for their money.
- Hitting the Ground Running: Ocean's partnership with Tether extends to their operations across Uruguay, Paraguay, El Salvador, and rural African areas where Tether has been spreading its roots.
Bitcoin's Centralization Conundrum
Even though Bitcoin's hashrate is spread far and wide, the pool's block-building process is becoming increasingly concentrated. Data shows that Foundry USA, AntPool, and ViaBTC churn out over 66% of all Bitcoin blocks.
- A Weak Link in the Chain: Centralization creates potential weak spots in the Bitcoin network, with questions looming about censorship resistance and the network's true decentralization.
- Ocean's Solution: Ocean's protocol attempts to address this issue by giving miners the freedom to craft their block templates.
- Ocean, Gaining Ground: Ocean was concocted by Luke Dashjr in 2023 and has had some heavy hitters, like Block CEO Jack Dorsey, standing behind it. The mining pool relocated to El Salvador in May 2024, the same place where Tether calls home.
- The David and Goliath Scorecard: Currently, Ocean is only scoring between 0.2% to 1% of Bitcoin blocks, according to mempool.space data. In comparison, Foundry USA's hashrate has often surpassed 298 EH/s during the same period.
Tether Goes African
Tether's Ocean partnership doesn't stop in the West; it's expanding to Africa, too. Tether has been pouring resources into infrastructure and education in Africa, and the DATUM Gateway protocol is designed to support mining in regions with limited internet capacity.
- A Matter of Pride: Giv Zanganeh, Tether's VP of Mining and Energy, was all smiles when confirming this partnership, saying, "We've spent months digging into the details of the DATUM protocol, and we're impressed with its flexibility."
Technical Bits and Pieces
The partnership will hinge on Ocean's Decentralized Alternative Templates for Universal Mining (DATUM) protocol. This tech empowers miners to manufacture their own block templates on-site, bypassing centralized servers.
By enabling on-site generation of unique block templates and aggregating thousands of rig connections with low-latency performance, the system aims to ensure global competitiveness while promoting geographic diversity in mining operations.
Luke Dashjr, Ocean's chairman and CTO, couldn't contain his excitement, stating, "Tether's decision to deploy their hashrate to Ocean reinforces the significance of censorship-resistant mining protocols." Tether, Ocean, and the future of Bitcoin mining - it's going to be one hell of a ride!
- Tether, the cryptocurrency giant, has promised to channel its mining hashrate towards the Ocean mining pool, a move that was highlighted on April 15, 2025, aiming for decentralization in Bitcoin mining.
- The conception of Ocean Mining Pool took place in 2023, a brainchild of Bitcoin core developer, Luke Dashjr.
- In line with its $500 million Bitcoin mining investment announced in 2023, Tether's decision to focus on Ocean Mining Pool is consistent with its commitment to the Bitcoin finance sector.
- Ocean's DATUM protocol allows miners to create their own block templates, thereby reducing dependence on centralized intermediaries, a step towards decentralization in the technology industry.
- Tether's strategic partnership with Ocean spans across various locations, including Uruguay, Paraguay, El Salvador, and rural African regions, where Tether has been establishing its presence.
