Tether is deploying its existing and future hashrate on OCEAN, a decentralized Bitcoin mining protocol. It will focus on delivering high-performance operations to undeveloped areas, particularly in Africa.
Tether is showing increased commitment to keeping the Bitcoin ecosystem sustainable. This initiative also builds on the company’s previous investments in Africa.
Tether and OCEAN Team Up
Tether, the world’s leading stablecoin issuer, has been diversifying its interests lately. It’s preparing to make major internal changes, investing in a few different sectors, and considering a major stablecoin launch.
Today, Tether is working to advance decentralized mining infrastructure by deploying both its existing and future hashrate on OCEAN.
“As a company committed to financial freedom and open access, we see supporting decentralization in Bitcoin mining as essential to the network’s long-term integrity. Deploying hashrate to OCEAN aligns with both our mining investments and our broader mission to fortify Bitcoin against centralizing forces,” said Paolo Ardoino, CEO of Tether.
OCEAN is a decentralized Bitcoin mining pool, and despite the naming similarities, it’s not related to the popular AI token. It was founded by Bitcoin Core developer Luke Dashjr in response to centralization fears in BTC mining.
Tether’s hashrate will be able to help OCEAN in a few key ways. Critically, it highlights Tether’s commitment to the long-term viability of Bitcoin, as it is a major holder.
The company will deploy this hashrate through OCEAN’s DATUM Gateway service, which helps miners create high-performance operations in low-bandwidth areas.
Most notably, Tether will prioritize rolling out these services in rural and underdeveloped regions, particularly in Africa. This reflects Tether’s growing business commitments in the continent.
Tether obviously has self-interested reasons to deploy its hashrate on OCEAN, as it benefits from potential stablecoin users in new regions.
Moreover, the firm cast Bitcoin’s independence as a key motivator in itself. Tether is a major component of the global crypto economy, and it recognizes the importance of BTC beyond its desire to custody the asset.
In short, this operation gives a few insights into Tether’s plans for the future. By deploying hashrate on OCEAN, Tether is working to strengthen Bitcoin’s network and put more of the world on the blockchain.
Eventually, both of these aims can directly benefit the company.
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