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.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
