Tether Directs Bitcoin Hashrate to OCEAN Pool to Enhance Network Decentralization
Tether has announced it will direct its existing and future Bitcoin hashrate to OCEAN, a decentralized mining pool, to promote greater decentralization in the Bitcoin network. This move supports OCEAN’s mission to reduce centralization risks and enhance censorship resistance. The partnership includes global deployment of OCEAN’s DATUM Gateway across Tether’s mining operations.
Tether, the issuer of the USDT stablecoin, has announced plans to allocate its current and future Bitcoin mining hashrate to OCEAN, a decentralized mining pool developed by Bitcoin Core contributor Luke Dashjr. This strategic move aims to bolster Bitcoin's decentralization by reducing reliance on dominant mining pools and enhancing censorship resistance within the network. Mitrade+3BTC Times+3CryptoRank+3CryptoRank+1AInvest+1
Promoting Decentralization in Bitcoin Mining
OCEAN's open-source DATUM protocol empowers miners to construct their own block templates, fostering operational independence and mitigating central points of failure. By deploying its hashrate to OCEAN, Tether seeks to support a more resilient and decentralized Bitcoin ecosystem. CryptoNinjas+5CryptoRank+5BTC Times+5AInvest+1CryptoNinjas+1
Tether's CEO, Paolo Ardoino, emphasized the company's commitment to financial freedom and open access, stating that supporting decentralization in Bitcoin mining is essential for the network's long-term integrity. AInvest+4TheMinerMag+4BTC Times+4
Global Implementation of DATUM Gateway
The partnership includes the deployment of OCEAN's DATUM Gateway software across Tether's global mining operations, including facilities in regions with limited bandwidth such as parts of Africa. This initiative aims to ensure reliable connectivity and expand the reach and resilience of Tether's mining infrastructure. ZyCrypto+5BTC Times+5Mitrade+5ZyCrypto+1Mitrade+1
Giv Zanganeh, Tether's VP of Mining & Energy, noted that the decision to mine on OCEAN reflects months of thorough technical assessment, highlighting DATUM's alignment with Bitcoin's decentralization ethos. BTC Times+2ZyCrypto+2Mitrade+2
Strengthening the Bitcoin Network
Despite OCEAN's current modest share of the Bitcoin mining market, Tether's involvement is expected to enhance the pool's competitiveness and contribute to the broader goal of decentralizing Bitcoin mining. This collaboration underscores a shared belief in the importance of financial inclusion and decentralization within the cryptocurrency ecosystem. CryptoRank+1AInvest+1Mitrade
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