Tether plans major expansion into BTC mining with $500M investment: Report
Tether has ambitions to reach 1% of BTC mining computing power under new CEO Paolo Ardoino. New facilities in South America will be part of the push.
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Tether, a prominent stablecoin issuer, is gearing up for a significant foray into Bitcoin mining, with plans to allocate approximately $500 million over the next six months. Paolo Ardoino, set to assume the role of Tether's CEO, revealed the company's intentions in an interview with Bloomberg. Tether's investment strategy includes constructing mining facilities in Uruguay, Paraguay, and El Salvador, aiming to boost its computing power to 1% of the Bitcoin mining network. The planned sites are anticipated to have a capacity ranging from 40 to 70 megawatts, contributing to Tether's broader initiative to expand its footprint in the Bitcoin mining sector.
This mining expansion aligns with Tether's recent financial moves, including a $610 million debt financing facility extended to German miner Northern Data Group. Tether's involvement in Northern Data Group began with a strategic investment in September, focusing on supporting artificial intelligence initiatives. Paolo Ardoino outlined Tether's mining trajectory, projecting a direct mining operations capacity of 120 megawatts by the year-end and an ambitious target of 450 megawatts by the close of 2025. Additionally, Tether is exploring the possibility of a 300-megawatt facility and is adopting a flexible approach by constructing facilities within containers that can be relocated based on electricity price dynamics. Ardoino emphasized that Tether's mining endeavors are an evolving process, emphasizing a measured approach over rapid expansion, stating, "Mining for us is something that we have to learn and grow over time. We are not in a rush to become the biggest miner in the world."
