Tether backs OCEAN mining pool created by controversial Bitcoin Core developer

Tether plans to join a Bitcoin mining pool created by long-time Bitcoin Core developer Luke Dashjr. The company behind the largest stablecoin by market capitalization, USDT, will direct its "existing and future" to the mining pool, according to Monday's announcement.

The move is part of Tether’s deepening commitment to the mining industry, which includes plans to spend around $500 million by 2025 to build out mining operations and purchase stakes in existing companies.

Tether is by far the largest stablecoin issuer by market capitalization. There are $144 billion worth of USDT tokens in circulation, backed by cash and cash equivalents that earned the firm $13 billion in pure profits in 2024.

Over the years Tether has diversified its portfolio and increased its exposure to Bitcoin. The company purchased 8,888 bitcoins earlier this year, bringing its total holdings to $7.8 billion — making it the sixth-largest stockpile held in a single wallet. It has also invested in mining operations in El Salvador, Paraguay and Uruguay.

OCEAN, launched in November 2023 by the controversial Bitcoin Core Dashjr, operates as a decentralized, non-custodial mining pool powered by DATUM Gateway, an open-source protocol designed to operate in "low-latency" areas.

"Tether will roll out OCEAN’s DATUM Gateway across its mining operations worldwide, including in rural and underserved areas such as parts of Africa," Tether wrote in a release on Monday. "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."

Dashjr has drawn criticism from some Bitcoiners stemming from his outspoken religious beliefs and conservative views of the Bitcoin protocol. For instance, Dashjr is staunchly against Bitcoin applications like inscriptions — (essentially Bitcoin-native NFTs) — and attempts to filter those transactions via the OCEAN mining pool.