Tether is planning a large-scale expansion into Bitcoin (BTC) mining, according to Paolo Ardoino, who is expected to take the helm at the company soon.
The stablecoin firm may spend around $500 million in the next six months on the construction of mining facilities and investments in other miners, Ardoino told Bloomberg in an interview. The company will build mining facilities in Uruguay, Paraguay and El Salvador as it grows its computing power to 1% of the BTC mining network. The new sites would have a capacity of between 40 and 70 megawatts (MW), he continued.
We’re quite close to add another extremely powerful piece of the puzzle for @Tether_to ecosystem.
Total of 5 mind-blowing projects (and counting) for 2024.
Couple of these could obliterate some popular Web2 centralized services for good.Pure Real World Ecosystem aka “Things…
— Paolo Ardoino (@paoloardoino) November 12, 2023
The mining investment includes part of the $610 million debt financing facility extended to German miner Northern Data Group that Tether announced at the beginning of the month. The loan was in line with a pattern of rising loans made by Tether this year, which already made a strategic investment in Northern Data Group in September to back artificial intelligence…
