Tether Partners with OCEAN Mining Pool to Decentralize Bitcoin Block-Building

Tether Joins Forces with OCEAN Mining Pool to Advance Decentralized Bitcoin Block-Building

Stablecoin giant Tether has announced a strategic partnership with OCEAN, a Bitcoin mining pool protocol founded by Bitcoin Core developer Luke Dashjr, to enhance decentralization in Bitcoin block-building. The move aligns with Tether’s broader goal of mitigating centralized control in the Bitcoin ecosystem and building resilience against censorship.

In an official statement on April 15, Tether CEO Paolo Ardoino emphasized the importance of the initiative:

“Deploying hashrate to OCEAN aligns with both our mining investments and our broader mission to fortify Bitcoin against centralizing forces,” Ardoino said.

Tackling Centralization in Bitcoin Mining

Although Bitcoin’s hashrate is globally distributed, the block-building process — managed by mining pools — remains highly centralized. Major pools such as Foundry USA, AntPool, and ViaBTC currently dominate the landscape, collectively producing more than two-thirds of all Bitcoin blocks.

Source: OCEAN Mining

OCEAN seeks to disrupt this structure through its open-source DATUM protocol, which enables individual miners to construct their own block templates instead of relying on centralized pool operators. This approach boosts censorship resistance, operational transparency, and decentralization.

Tether plans to integrate OCEAN’s DATUM protocol across all its mining operations, including those in Uruguay, Paraguay, and El Salvador — where the company is headquartered.

“By enabling on-site generation of unique block templates and aggregating thousands of rig connections with low-latency performance, DATUM ensures global competitiveness while promoting geographic and operational diversity,” Tether said in the statement.

A $500M Commitment to Bitcoin Mining

The collaboration follows Tether’s announcement in late 2023 of a $500 million investment into Bitcoin mining infrastructure, positioning the company as one of the largest institutional players in the space. Tether’s expansion into rural and underserved regions also reflects its commitment to fostering decentralized energy and financial infrastructure.

OCEAN, backed by Block CEO Jack Dorsey, has recently moved its headquarters to El Salvador, further aligning its mission with Tether’s growing presence in the region.

Despite its ambitions, OCEAN remains a minor player in terms of market share. According to mempool.space, the protocol currently mines between 0.2% and 1% of total Bitcoin blocks. Over the past week, OCEAN mined nine blocks, including two consecutive ones on April 14.

OCEAN protocol’s Bitcoin mining statistics. Source: mempool.space

A Needed Boost Against Dominant Players

By contrast, Foundry USA, AntPool, and ViaBTC mined 331, 199, and 161 blocks respectively in the same time period — representing over 66% of all blocks produced.

Tether’s support could significantly amplify OCEAN’s capabilities. The protocol hashrate has averaged 18.3 exahashes per second (EH/s) over the past 24 hours. Foundry USA, meanwhile, continues to dominate with over 298 EH/s, drawing from major miners like Hut 8, Bitdeer, and Bitfarms.

Looking Ahead

While OCEAN still has considerable ground to cover to rival the industry’s top mining pools, Tether’s involvement may mark a pivotal moment. With financial backing, global reach, and a shared ideological commitment to decentralization, the partnership could reshape the future of Bitcoin mining infrastructure.

As the crypto landscape continues to evolve, decentralizing the block-building process may prove just as vital as decentralizing the network’s participants — and Tether and OCEAN are aiming to lead that charge.