Tether plans to invest $500 million in Bitcoin mining

Tether plans to invest $500 million in Bitcoin mining


Tether Holdings Ltd., the world's largest stablecoin issuer, is planning to invest about $500 million over the next six months to become one of the world's top Bitcoin miners. Paolo Ardoino, future CEO of Tether, said the company will achieve this goal by building mining farms and investing in other companies. Tether has previously provided a $6.1 million credit facility to listed Bitcoin mining company Northern Data AG and acquired a stake in the company in September this year. Tether will build Bitcoin mining farms in Uruguay, Paraguay and El Salvador, with each mining farm having a capacity between 40 and 70 megawatts. Ardoino added that Tether plans to increase its directly operated mining operations to 120 megawatts by the end of 2023, and expects to reach 450 megawatts by the end of 2025. This move will give Tether a 1% share of the Bitcoin network’s total hash rate, making it one of the top 20 Bitcoin miners in the world.

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