Crypto Mining Giant Tether Invests $500M to Expand into BTC

Tether’s Expansion into Bitcoin Mining

Tether is planning a major expansion into Bitcoin (BTC) mining, according to Paolo Ardoino, who is expected to soon become the company’s leader. The stablecoin firm could spend up to $500 million in the next six months on building mining facilities and investing in other miners, Ardoino told Bloomberg in an interview. The new sites could have a capacity of between 40 and 70 megawatts (MW) and will be located in Uruguay, Paraguay and El Salvador, enabling Tether to reach 1% of the BTC mining network.

The mining investment is part of the $610 million debt financing facility extended to German miner Northern Data Group that Tether announced earlier this month. This loan is part of a pattern of increasing loans made by Tether this year. The company also made a strategic investment in Northern Data Group back in September to support artificial intelligence initiatives.

Ardoino further said Tether expects to increase its direct mining operations to 120 MW by the end of the year, and up to 450 MW by the end of 2025. The company is also considering a 300-MW facility and is using containers to set up its facilities, which can be moved when electricity prices change. Ardoino said in the interview:

In October, Ardoino was announced to become Tether’s CEO in December, while maintaining his position as chief technical officer of parent company Bitfinex. As of the time of publication, Tether had not responded to an inquiry from Cointelegraph regarding crypto best sites, crypto miners, crypto el salvador, and other about amp crypto related topics.

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