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Tether to Invest $500M Into Bitcoin Mining Operations
Summary: Stablecoin issuer Tether Holdings Ltd. is planning to invest about $500 million in the Bitcoin mining sector over the next six months, Tether's incoming CEO Paolo Ardoino said. The company plans to achieve this through constructing its own mining facilities and investing in other companies. Tether has previously extended a $610 million credit facility to publicly-traded Bitcoin ...
Stablecoin issuer Tether Holdings Ltd. is planning to invest about $500 million in the Bitcoin mining sector over the next six months, Tether's incoming CEO Paolo Ardoino said. The company plans to achieve this through constructing its own mining facilities and investing in other companies.
Tether has previously extended a $610 million credit facility to publicly-traded Bitcoin mining company Northern Data AG and acquired a stake in the company in September this year. Tether will build Bitcoin mines in Uruguay, Paraguay and El Salvador, with each site having a capacity ranging from 40 to 70 megawatts. Ardoino added that Tether plans to scale its mining operations to 120 megawatts by the end of 2023 and anticipates reaching 450 megawatts by the end of 2025. The move would give Tether a 1% share of the total computing power to run the Bitcoin network, making it one of the top 20 largest Bitcoin miners in the world.
Author: Katie Lin
Tags: credit,Mining,Northern Data AG,Paolo Ardoino,Tether Holdings Ltd.
Link: Tether to Invest $500M Into Bitcoin Mining Operations [Copy]
