Tether, the stablecoin issuer, plans to channel its Bitcoin hashrate into Ocean’s Bitcoin mining pool to enhance the decentralization of the Bitcoin network. CEO Paolo Ardoino highlighted that this move aligns with Tether’s goal to protect Bitcoin from centralization. Ocean’s protocol aims to empower miners by allowing them to create their own block templates, promoting greater independence and resistance to censorship. This partnership will enhance Ocean’s mining capabilities, which currently represent a small fraction of Bitcoin blocks mined compared to dominant players like Foundry USA. By utilizing Ocean’s technology, Tether’s global mining operations could see improved efficiency and geographic diversity, particularly in rural areas in Africa.
Tether Strengthens Bitcoin Network with Ocean Mining Partnership
Stablecoin issuer Tether is taking significant steps to enhance the decentralization of the Bitcoin network. Recently, Tether announced plans to deploy its existing and future Bitcoin hashrate to Ocean’s Bitcoin mining pool. This initiative aims to fortify Bitcoin against increasing centralization within the mining sector.
CEO Paolo Ardoino stated that deploying hashrate to Ocean aligns with Tether’s investments in mining as well as their overarching mission to promote a more decentralized Bitcoin network. This move is essential because while the Bitcoin hashrate is relatively decentralized, the block-building processes are often dominated by a few large mining pools, such as Foundry USA, AntPool, and ViaBTC.
Ocean seeks to disrupt this trend by allowing miners to create their own block templates using its open-source Datum protocol. Tether’s agreement to leverage Ocean’s Datum software applies to its mining operations worldwide, even in rural African regions.
An Enhanced Mining Experience
Datum provides real-time capabilities for miners by enabling them to generate unique block templates on-site. This innovation will help Tether stay competitive and encourage geographic diversity in Bitcoin mining operations.
Currently, Ocean’s mining pool accounts for only a small fraction of Bitcoin blocks mined, typically between 0.2% and 1%. With Tether’s partnership, Ocean is expected to increase its hashrate considerably. To put this in perspective, Foundry USA’s hashrate exceeds 298 EH/s, while Ocean’s has been around 18.3 EH/s in the last 24 hours.
Expansion Plans
Tether is expanding its Bitcoin mining operations globally, with sites located in Uruguay, Paraguay, and El Salvador. This move aligns with Tether’s commitment to invest $500 million into Bitcoin mining announced late last year.
As Ocean continues to grow, partnering with Tether will likely boost its Market share and improve its overall influence in the Bitcoin mining landscape. With this collaboration, both Tether and Ocean aim to create a more decentralized and robust Bitcoin mining network.
In conclusion, the partnership between Tether and Ocean is a noteworthy step towards decentralizing Bitcoin mining, ensuring that the network remains resilient against centralizing forces.
Primary Keyword: Tether Bitcoin Mining Partnership
Secondary Keywords: Ocean Mining Protocol, Bitcoin Decentralization
Tags: Tether, Bitcoin, Ocean Mining, Cryptocurrency, Decentralization, Hashrate
What is the partnership between Tether and Ocean mining pool about?
Tether has teamed up with Ocean mining pool to create a more decentralized way of building Bitcoin blocks. This means they are working together to make the process fairer and more accessible for everyone involved.
How does this partnership affect Bitcoin mining?
This partnership aims to improve the way Bitcoin mining is done. With more parties involved in mining, it can help lower the power of large mining companies and make Bitcoin more decentralized.
Why is decentralization important in Bitcoin mining?
Decentralization is crucial because it ensures that no single company or group controls Bitcoin. This helps maintain security and fairness within the network and supports the core values of cryptocurrency.
What are the benefits for Tether and Ocean mining pool?
For Tether, this partnership enhances their reputation in the crypto space, while Ocean mining pool can attract more miners and improve their operations. Both benefit from supporting a healthier Bitcoin ecosystem.
How can I get involved in this decentralized mining effort?
If you’re interested in participating in this decentralized mining effort, check out the Ocean mining pool’s website for details. They usually provide information on how to join, requirements, and what you need to get started.