Stablecoin Giant Tether (USDT) Plans To Jump Into Bitcoin (BTC) Mining Sector: Report - The Daily Hodl

The Daily Hodl
The Daily Hodl

17 Nov 2023 5:30 PM

The issuer of top stablecoin Tether (USDT) is reportedly making a hefty investment to become one of the world’s largest Bitcoin (BTC) miners....

  • Tether Holdings Ltd., the issuer of the stablecoin Tether (USDT), plans to invest $500 million in the next six months to enter the Bitcoin mining sector.
  • The investment is part of a credit facility Tether issued to Bitcoin mining company Northern Data AG after acquiring shares in the company.
  • Tether aims to construct its own mining facilities and take stakes in other companies to increase its share in the Bitcoin network's total computing power to 1%.
  • The company plans to build Bitcoin mines in Uruguay, Paraguay, and El Salvador, with capacities ranging between 40 and 70 megawatts.
  • Tether's CEO expects the company's direct mining operation to reach 120 megawatts by the end of 2023 and 450 megawatts by the end of 2025.

The sentiment of the article is positive, as it highlights Tether's commitment to becoming a significant player in the Bitcoin mining sector and its plans for substantial investments.

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