Tether Deploys Hashrate on OCEAN to Boost Bitcoin Decentralization in Africa

Tether, the world's leading stablecoin issuer, has announced its plans to deploy both its existing and future hashrate on OCEAN, a decentralized Bitcoin mining protocol. This move is part of Tether's broader strategy to support decentralization in Bitcoin mining, which is essential for the network's long-term integrity. By deploying its hashrate through OCEAN's DATUM Gateway service, Tether aims to create high-performance mining operations in low-bandwidth areas, with a particular focus on rural and underdeveloped regions, especially in Africa.

Paolo Ardoino, CEO of Tether, emphasized the company's commitment to financial freedom and open access. He stated that supporting decentralization in Bitcoin mining aligns with Tether's mission to fortify Bitcoin against centralizing forces. This initiative also builds on Tether's previous investments in Africa, reflecting the company's growing business commitments in the continent.

OCEAN, founded by Bitcoin Core developer Luke Dashjr, was created in response to centralization fears in BTC mining. Tether's hashrate will help OCEAN by highlighting the company's commitment to the long-term viability of Bitcoin, as Tether is a major holder of the asset. The deployment of hashrate on OCEAN is expected to benefit both Tether and the broader Bitcoin ecosystem by strengthening the network and expanding blockchain adoption.

Tether's decision to prioritize rolling out these services in underdeveloped regions, particularly in Africa, is a strategic move that aligns with the company's self-interested reasons. By doing so, Tether can potentially gain more stablecoin users in new regions. Moreover, the firm recognizes the importance of Bitcoin's independence beyond its desire to custody the asset, further emphasizing the significance of this operation in strengthening the Bitcoin network and putting more of the world on the blockchain.