In an effort to rank among the top miners globally, major stablecoin issuer Tether intends to invest $500 million in bitcoin mining operations.
In addition to constructing bitcoin mining facilities in South and Central America, the USDT issuer has big intentions to contribute one percent of the BTC network’s total processing power.
Tether’s Expansion Into The Bitcoin Mining Industry
Tether, which continues to rule the stablecoin market, is attempting to establish itself in the bitcoin mining business. In their attestation report, the corporation recently declared a cash excess of more than $3 billion.
Tether’s Big Move: $500 Million Injection into Bitcoin Mining Expansion,Tether’s Big Move: $500 Million Injection into Bitcoin Mining Expansion
Paolo Ardoino, the new CEO of Tether, stated in an interview with Bloomberg that the company will devote $500 million to bitcoin mining operations over the course of the following six months.
The money will go towards building Tether’s bitcoin mining operations and making investments in already-existing BTC mining companies, such as the $609 million debt financing facility that was been granted to European bitcoin miner Northern Data Group.
The company’s aim at diversification is demonstrated by Ether’s entry into Bitcoin mining, which may offer a different source of revenue for the business.
The largest stablecoin, USDT, whose market capitalization climbed by $22 billion in the last year and reached a new high of more than $87 billion in November 2023, is the product of the stablecoin issuer.
Aiming for 1% of the Market
Ardoino stated that as part of its ambitions to dominate the bitcoin mining market, Tether intends to build 40–70 megawatt BTC mining facilities in Uruguay, Paraguay, and El Salvador, accounting for one percent of the world’s mining computing power.
The largest bitcoin miner, Marathon Digital, provides around 4% of the network’s processing power. Marathon recently launched a mining operation in Paraguay using hydroelectric power.
Tether also plans to increase its direct mining activities to 120 megawatts by the end of the year, with 450 megawatts being reached by the end of 2025. The stablecoin issuer is also thinking about locating at a 300 megawatt location.
“Mining for us is something that we have to learn and grow over time,” said Ardoino, despite the company’s seeming ambitious aspirations. Tether is not in a rush to become the largest miner in the world.
Tether’s Big Move: $500 Million Injection into Bitcoin Mining Expansion,Tether’s Big Move: $500 Million Injection into Bitcoin Mining Expansion,Tether’s Big Move: $500 Million Injection into Bitcoin Mining Expansion , Tether coin Crypto news, Tether coin News