It has come to pass that the esteemed stablecoin issuer, Tether, hath declared its intention to lend its considerable Bitcoin hashrate to OCEAN’s mining pool. Their noble goal? To decentralize the art of Bitcoin block-building, of course! Such a venture promises to strengthen the very foundation of the Bitcoin network, or so we are led to believe.
“Deploying hashrate to OCEAN aligns with both our mining investments and our broader mission to fortify Bitcoin against centralizing forces,” said none other than Tether’s CEO, Paolo Ardoino, in a statement, as one might expect from such a distinguished figure, on the fifteenth day of April in this year of our Lord.
Now, while the Bitcoin hashrate may still be a decentralized force to be reckoned with, the block-building process has long been under the control of a few dominant powers—Foundry USA, AntPool, and ViaBTC. These mighty entities reign supreme, casting a shadow over the mining pool landscape.
Enter the OCEAN protocol, led by the valiant Luke Dashjr. OCEAN seeks to democratize this process by empowering miners with their open-source DATUM protocol. This daring innovation allows miners to create their own block templates, thus reducing reliance on the mighty (and centralized) intermediaries. It also promises greater censorship resistance. Truly a brave new world!
And fear not, dear reader, for Tether’s grand scheme is no mere local affair. No! They intend to deploy OCEAN’s DATUM software across all their mining operations worldwide, including the most remote reaches of Africa. This shall, of course, ensure that Tether’s operations are not only geographically diverse but also highly competitive in the great Bitcoin race.
Tether’s mining efforts are currently underway in Uruguay, Paraguay, and El Salvador. How charmingly global their reach is! The very same El Salvador, where Tether calls home, as well as a place of Bitcoin fervor.
It was not long ago, in the closing months of 2023, that Tether proclaimed its intent to invest a rather hefty sum of $500 million into Bitcoin mining. One must wonder, is this part of their grand plan to dominate the mining world? Time shall tell.
As for OCEAN, it is but a young protocol, founded by the aforementioned Luke Dashjr in 2023, and backed by none other than the illustrious Block CEO, Jack Dorsey. OCEAN made a bold move in May 2024 by relocating its headquarters to El Salvador, a decision that shall surely stir the pot.
Dashjr did, however, make a rather public spectacle of himself in December 2023, when he criticized Bitcoin Ordinals users for what he deemed “spam” clogging up the network. Yet, he vehemently denied any involvement in the censorship of non-fungible token-like transactions. Ah, the drama of the Bitcoin world!
OCEAN Still Has A Long Way to Go… But We’re Here for It!
At present, OCEAN’s protocol is responsible for a modest portion of Bitcoin block mining, between 0.2% and 1%. A humble beginning, to be sure. Over the past week, it has mined nine blocks, two of which were consecutively produced on April 14th, at blocks 892342 and 892343.
However, let us not be deceived. OCEAN’s output remains but a mere drop in the ocean (no pun intended) when compared to the likes of Foundry USA, AntPool, and ViaBTC. These powerhouses mined 331, 199, and 161 Bitcoin blocks respectively, accounting for over 66% of all mined blocks in the same timeframe. OCEAN’s output has, thus far, been but a whisper in the storm.
But fear not, for Tether’s involvement may provide OCEAN with the very boost it requires. Their hashrate, currently hovering at a respectable 18.3 exahashes per second, could soon see a surge. Tether’s contribution is surely a game-changer. Or is it?
To put this in perspective, Foundry USA’s hashrate, as of the same timeframe, has exceeded a staggering 298 EH/s, thanks to the might of firms like Hut 8, Bitdeer, and Bitfarms. One might say that OCEAN has a long way to go before it can rival these behemoths. But hope springs eternal, and who knows what the future may hold?
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2025-04-15 04:14