​Tether directs its “existing and future” hashpower to Luke Dashjr's OCEAN Bitcoin mining pool

Tether, the issuer of the world's largest stablecoin, has announced plans to direct its “existing and future” hashpower to a Bitcoin mining pool called OCEAN

Tether, the issuer of the world’s largest stablecoin, is turning its attention to Bitcoin (BTC) mining, announcing plans to funnel its “existing and future” hashpower into a new mining pool called OCEAN, developed by controversial Bitcoin Core developer Luke Dashjr.

The move, unveiled in a Monday press release, builds on Tether’s previously disclosed strategy to deepen its involvement in Bitcoin mining operations. As reported, the company is investing around $500 million by 2025 to expand mining capabilities and acquire stakes in established mining firms.

This commitment comes despite the changing market dynamics, which have seen institutions like Cathie Wood's ARK Invest completely exit their Bitcoin holdings, in stark contrast to Tether's persistent accumulation.

The company is now integrating its own technology, the open-source DATUM Gateway, into the OCEAN pool to create unique block templates at each of Tether’s global mining facilities.

These facilities will be located in rural and underserved regions of the world, including parts of Africa, aiming for minimal latency in aggregating thousands of rig connections.

This approach is designed to generate greater geographic and operational diversity, ultimately enhancing Tether’s competitive edge in Bitcoin mining.

The pool itself was launched in November and is decentralized and non-custodial. It also stands in contrast to other pools like PoolTogether, which recently faced criticism for allegedly scamming users.

The OCEAN pool is programmed to accept any miner who can solve a block and broadcast it to the network, regardless of their hashpower size or prior contributions to the pool.

Moreover, the pool's structure is said to enable smaller miners to contribute effectively, fostering inclusivity within the Bitcoin mining ecosystem.

However, the pool's creator, Luke Dashjr, remains a contentious figure. Known for his outspoken religious and conservative views, Dashjr has attracted significant criticism from within the Bitcoin community, particularly for his opposition to Bitcoin applications like inscriptions, essentially Bitcoin-native NFTs.

Despite this, Teotter's decision speaks to the broader trend of crypto industry leaders diversifying their holdings. Earlier this year, Tether purchased 8,888 BTC, adding to its existing stash. With these purchases, Teotter's Bitcoin holdings are said to total about $7.8 billion, making it one of the largest corporate Bitcoin accumulators.