Key Takeaways
- Tether will direct its mining energy to the OCEAN pool run by Luke Dashjr.
- Dashjr filters out Bitcoin inscriptions, sparking group criticism.
- Tether has invested $500 million into mining and holds $7.8B in BTC.
Tether is directing its present and future Bitcoin mining energy to OCEAN, a decentralized pool launched by longtime and controversial Bitcoin Core developer Luke Dashjr.
The announcement, made on April 14, marks one other main step in Tether’s $500 million growth into Bitcoin mining.
International mining growth plans
The corporate behind USDT, the world’s largest stablecoin with $144 billion in circulation, plans to combine OCEAN’s DATUM Gateway protocol throughout its mining websites, together with operations in rural and underserved areas.
The agency wrote:
Tether will roll out OCEAN’s DATUM Gateway throughout its mining operations worldwide, together with in rural and underserved areas reminiscent of elements of Africa.
OCEAN’s technical innovation
OCEAN, launched in November 2023, is a non-custodial mining pool that permits on-site technology of distinctive block templates, enhancing decentralization and minimizing latency.
Dashjr developed DATUM to enhance efficiency in geographically dispersed mining setups.
Nevertheless, OCEAN has attracted controversy as a result of Dashjr’s efforts to exclude sure forms of Bitcoin transactions — notably inscriptions, a technique used to embed NFT-like knowledge into the blockchain.
His stance has stirred criticism from some inside the Bitcoin group.
Tether’s rising Bitcoin holdings
Tether’s mining investments embrace websites in El Salvador, Paraguay, and Uruguay.
Earlier this yr, the agency bought 8,888 BTC, bringing its holdings to roughly $7.8 billion — making it one of many largest recognized Bitcoin holders.
In 2024, Tether earned $13 billion in earnings from its reserves, largely held in money and equivalents.