Source: Cointelegraph Original: "{title}"
Stablecoin issuer Tether has announced plans to deploy its existing and future Bitcoin (BTC) hash power to the OCEAN Bitcoin mining pool to enhance the decentralization of the network.
“Deploying hash power to OCEAN aligns with our mining investment strategy and is consistent with our broader mission to resist the centralization of Bitcoin,” said Tether's CEO Paolo Ardoino in a statement on April 15.
Source: OCEAN Mining
Although Bitcoin hash power is decentralized, the block construction process conducted by mining pools is primarily controlled by a few dominant players, notably Foundry USA, AntPool, and ViaBTC.
The OCEAN protocol aims to reduce reliance on centralized intermediaries and enhance censorship resistance by allowing miners to use its open-source DATUM protocol to build their own block templates, Tether stated.
Tether will utilize OCEAN's DATUM software in its global mining operations, including in rural areas of Africa.
“By generating unique block templates on-site and aggregating thousands of mining machines for low-latency performance, DATUM ensures global competitiveness while promoting geographic and operational diversity,” Tether stated.
Currently, this $144 billion market cap stablecoin issuer has Bitcoin mining sites in Uruguay, Paraguay, and El Salvador, where its headquarters is also located.
These initiatives come as Tether announced a $500 million investment in Bitcoin mining by the end of 2023.
OCEAN was created in 2023 by Bitcoin core developer Luke Dashjr and is supported by figures such as Block CEO Jack Dorsey. OCEAN will also relocate its headquarters to El Salvador in May 2024.
In December 2023, Dashjr sparked controversy by criticizing Bitcoin Ordinals users for clogging the network with “spam.” However, he denied claims that OCEAN censors transactions similar to non-fungible tokens.
According to data from mempool.space, OCEAN's mining output currently accounts for 0.2% to 1% of Bitcoin blocks.
In the past week, the protocol mined a total of 9 blocks, including blocks 892342 and 892343 mined consecutively on April 14.
However, compared to the output of Foundry USA, AntPool, and ViaBTC, OCEAN's output is only a small fraction, with the three mining pools having mined 331, 199, and 161 Bitcoin blocks, respectively, accounting for over 66% of all blocks during the same period.
The collaboration with Tether could provide the much-needed boost to OCEAN's hash power, which reached 18.3 EH/s in the past 24 hours.
Bitcoin mining statistics for the OCEAN protocol. Source: mempool.space
In contrast, Foundry USA's hash power exceeded 298 EH/s during the same period, with its hash power coming from Bitcoin mining companies such as Hut 8, Bitdeer, and Bitfarms.
Related: Report: Cango sells traditional Chinese business, fully invests in Bitcoin mining
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