The issuer of the most traded stablecoin, USDT, Tether, has partnered strategically with OCEAN
Issuer of the most traded stablecoin USDT, Tether has partnered strategically with OCEAN, a decentralized Bitcoin mining pool created by Jack Dorsey-backed Mummolin. The partnership, announced via press release by Tether on August 17, marks a major step toward a more dispersed and censorship-resistant Bitcoin mining ecosystem, aligning with the original vision of Bitcoin.
While Tether has increasingly become involved in Bitcoin mining in recent months - the corporation announced in March its intentions to fund environmentally friendly Bitcoin mining operations throughout Latin America, and launched its own energy-focused initiative, Tether Energy, earlier in May - the partnership with OCEAN deepens this engagement.
This partnership also builds upon earlier initiatives by Mummolin, the company behind OCEAN and backed by Dorsey, to promote decentralized Bitcoin mining. In April, Mummolin expressed concerns over the concentrating effect of centralized pools on the Bitcoin network, stating that "the industry is quickly converging on a few large, centralized pools, posing a risk to Bitcoin's decentralized nature."
In contrast to conventional mining pools that manage the payout and block template-selecting procedures, OCEAN empowers miners to retain control over these aspects. This is a crucial value-added service in today’s increasingly regulated crypto ecosystem, helping to ensure that no single entity can impose rules or censor transactions.
“We are excited to support OCEAN in its mission to spatially decentralize Bitcoin mining,” said Paolo Ardoino, CEO of Tether and also CEO of Tether Energy. “This partnership aligns with our belief that Bitcoin should remain free, uncensored, and accessible to all.”
The partnership might also integrate Tether Energy's operations. The initiative, launched by Tether in May, focuses on facilitating renewable energy-based Bitcoin mining in various regions of the world. Incorporating OCEAN's decentralized protocol into Tether Energy's activities could create a new template for Bitcoin mining practices.
This move could help shift the Bitcoin mining landscape in favor of smaller, independent miners, transcending mere public relations plays. In an industry dominated by large mining companies and centralized pools, the Tether-OCEAN partnership presents an alternative that empowers individuals and avoids gatekeeping.
Moreover, the recent Bitcoin halving in April has reduced mining payouts, putting pressure on miners to devise creative and cost-effective solutions to remain profitable. Greater autonomy, deeper transparency, and less susceptibility to external risk - all of which decentralized pools like OCEAN offer - present a compelling value proposition.
