Tether Plans Large-Scale Expansion into Bitcoin Mining
by [Your Name]
Tether, the popular stablecoin firm, is gearing up for a significant expansion into Bitcoin (BTC) mining. Paolo Ardoino, who is expected to become the company’s CEO soon, revealed that Tether may invest around $500 million in the next six months to build mining facilities and make investments in other miners.
In an interview with Bloomberg, Ardoino stated that Tether plans to construct mining facilities in Uruguay, Paraguay, and El Salvador. The goal is to increase the company’s computing power to account for 1% of the BTC mining network. These new sites will have a capacity of between 40 and 70 MW.
The mining investment is part of the $610 million debt financing facility that Tether extended to German miner Northern Data Group. This loan follows a trend of rising loans made by Tether (USDT) throughout the year. In September, Tether had already made a strategic investment in Northern Data Group to support artificial intelligence initiatives.
Ardoino further revealed that Tether plans to expand its direct mining operations to 120 MW by the end of the year and aims to reach up to 450 MW by the end of 2025. The company is also considering a 300-MW facility and is setting up its mining facilities inside containers that can be easily moved based on electricity prices.
In the interview, Ardoino emphasized that mining is a learning process for Tether and they are not in a rush to become the biggest miner in the world. He will assume the role of Tether CEO in December while retaining his position as chief technical officer of parent company Bitfinex.
Tether’s plans for expansion into Bitcoin mining indicate its commitment to the cryptocurrency industry. By increasing its mining capabilities and investing in mining infrastructure, Tether aims to strengthen its position in the market and contribute to the security and stability of the Bitcoin network.
Unfortunately, Tether did not respond to inquiries from Cointelegraph at the time of publication, leaving some questions unanswered regarding the details of their mining plans.
– Bloomberg: [insert link]
– Cointelegraph: [insert link]