Tether Supports OCEAN Mining Pool Created by Bitcoin Core Developers

Tether has announced plans to join a Bitcoin mining pool founded by Luke Dashjr, a long-time Bitcoin Core developer. The company behind the largest stablecoin by market capitalization, USDT, will transfer its "current and future assets" to this mining pool, according to the announcement. This move is part of Tether's increasingly deep commitment to the mining industry, including plans to invest approximately 500 million USD by 2025 to develop mining operations and acquire stakes in existing companies. Tether is currently the largest stablecoin issuer by market capitalization, with 144 billion USD of USDT in circulation, backed by cash and cash equivalents, generating 13 billion USD in net profit in 2024. In recent years, Tether has diversified its investment portfolio and increased its exposure to Bitcoin. The company purchased 8,888 Bitcoin earlier this year, raising its total Bitcoin holdings to 7.8 billion USD, becoming the sixth-largest Bitcoin repository in a single wallet. Tether has also invested in mining operations in El Salvador, Paraguay, and Uruguay. OCEAN, launched in November 2023 by Dashjr, operates as a decentralized, unmonitored mining pool, supported by DATUM Gateway, an open-source protocol designed to operate in "low-latency" areas. "Tether will deploy OCEAN's DATUM Gateway to its mining operations globally, including rural and underserved areas, such as parts of Africa," Tether stated in a press release. "By allowing the creation of unique block templates on-site and connecting thousands of Mining Rigs with low-latency performance, DATUM ensures global competitiveness while promoting geographical and operational diversity."