TLDR
- Tether announced partnership with Ocean mining pool to deploy its Bitcoin hashrate
- The move aims to strengthen Bitcoin network decentralization by reducing dependency on dominant mining pools
- Ocean mining pool currently accounts for only 0.2-1% of Bitcoin blocks compared to larger pools holding 66%
- Tether operates mining sites in Uruguay, Paraguay and El Salvador
- Ocean was created by Bitcoin core developer Luke Dashjr in 2023 and is backed by Jack Dorsey
Stablecoin issuer Tether has announced plans to direct its Bitcoin hashrate to the Ocean mining pool, aiming to strengthen decentralization within the Bitcoin network. The partnership, revealed on April 15, 2025, will see Tether deploy both existing and future computational resources to Ocean’s protocol.
“Deploying hashrate to OCEAN aligns with both our mining investments and our broader mission to fortify Bitcoin against centralizing forces.” @paoloardoino https://t.co/HeyB1ETecz pic.twitter.com/dDVJ93ccYg
— OCEAN (@ocean_mining) April 14, 2025
“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 in a statement.
The move comes as part of Tether’s ongoing efforts to support Bitcoin infrastructure. The $144 billion stablecoin company currently operates mining facilities in Uruguay, Paraguay, and El Salvador, where it is also headquartered.
Addressing Mining Centralization
While Bitcoin’s hashrate is distributed globally, the block-building process has become concentrated among a few major players. Foundry USA, AntPool, and ViaBTC currently dominate the market, collectively accounting for over 66% of all Bitcoin blocks mined in the past week.
Ocean’s protocol attempts to solve this problem through its open-source Datum software. This technology allows miners to build their own block templates rather than relying on centralized intermediaries.
The protocol enables on-site generation of unique block templates and aggregates thousands of rig connections with low-latency performance. This approach promotes both geographic and operational diversity in the Bitcoin mining ecosystem.
Tether will implement Ocean’s Datum software across all its worldwide mining operations. This includes facilities in rural African regions where the company has been expanding its presence.
Ocean’s Current Position
Despite its innovative approach, Ocean remains a smaller player in the Bitcoin mining landscape. Data from mempool.space shows that Ocean currently mines between 0.2% and 1% of all Bitcoin blocks.
In the last week, Ocean has produced nine blocks, including two consecutive blocks on April 14. This output represents just a fraction of what larger pools accomplish.
By comparison, industry leader Foundry USA mined 331 blocks in the same period. AntPool and ViaBTC followed with 199 and 161 blocks respectively.
Ocean’s hashrate reached 18.3 exahashes per second (EH/s) over a recent 24-hour period. Foundry USA’s hashrate exceeded 298 EH/s during the same timeframe.
The partnership with Tether could provide a much-needed boost to Ocean’s mining capacity. Tether previously announced a $500 million investment in Bitcoin mining operations in late 2023.
Tether to Deploy Hashrate on OCEAN, Advancing Decentralized Bitcoin Mining Infrastructure
Learn more: https://t.co/QVzLawzvwK— Tether (@Tether_to) April 14, 2025
Ocean was created by Bitcoin core developer Luke Dashjr in 2023. The project has received backing from prominent tech figures including Block CEO Jack Dorsey, co-founder of Twitter (now X).
In May 2024, Ocean relocated its headquarters to El Salvador, joining Tether in the Bitcoin-friendly nation that adopted the cryptocurrency as legal tender in 2021.
Past Controversies and Future Direction
Ocean has faced some controversy in its short history. In December 2023, Dashjr criticized Bitcoin Ordinals users for “clogging the network with spam.” These comments raised concerns that Ocean might censor certain types of transactions.
However, Dashjr later denied claims that Ocean censored the NFT-like transactions. The pool now allows participants to choose whether to block such transactions.
Tether itself has been expanding its involvement in the Bitcoin ecosystem. Beyond mining operations, the company announced in January that its USDT stablecoin would soon be available via Bitcoin and its layer-2 network, Lightning.
USDT is the third-largest cryptocurrency by market capitalization and is widely used by traders to enter and exit positions in the crypto market.
The partnership between Tether and Ocean represents a strategic alignment between two El Salvador-based crypto companies with shared interests in Bitcoin’s future.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
